# Tag Archives: data analytics

## Top 10 Types of Analytics Projects – Examples

In this post, you will learn about some of the most common types of data analytics projects which can be executed by the organization to realise associated business value from analytics projects and, also, gain competitive advantage with respect to the related business functions. Note that analytics projects are different from AI / ML projects. AI / ML or predictive analytics is one part of analytics. Other types of analytics projects include those related with descriptive and prescriptive analytics. You may want to check out one of my related posts on difference between predictive and prescriptive analytics. Here are the key areas of focus for data analytics projects: Cost reduction: …

## Predictive vs Prescriptive Analytics Difference

In this post, you will quickly learn about the difference between predictive analytics and prescriptive analytics. As data analytics stakeholders, one must get a good understanding of these concepts in order to decide when to apply predictive and when to make use of prescriptive analytics in analytics solutions / applications. Without further ado, let’s get straight to the diagram. In the above diagram, you could observe / learn the following: Predictive analytics: In predictive analytics, the model is trained using historical / past data based on supervised, unsupervised, reinforcement learning algorithms. Once trained, the new data / observation is input to the trained model. The output of the model is prediction in form …

## Top 5 Data Analytics Methodologies

Here is a list of top 5 data analytics methodologies which can be used to solve different business problems and in a way create business value for any organization: Optimization: Simply speaking, an optimization problem consists of maximizing or minimizing a real function by systematically choosing input values (also termed as decision variables) from within an allowed set and computing the value of the function. An optimization problem consists of three things: A. Objective function B. Decision variables C. Constraint functions (this is optional) Linear / Non-linear programming with constrained / unconstrained optimization Linear programming with constrained optimization Objective function and one or more constraint functions are linear with decision variables as continuous variables Linear programming with unconstrained optimization Objective function …

## Data Science – Descriptive Vs Predictive Vs Prescriptive Analytics

This article represents key classification or types of analytics that business stakeholders, in this Big Data age, would want to adopt in order to take the most informed and smarter decisions for better business outcomes. Please feel free to comment/suggest if I missed to mention one or more important points. Also, sorry for the typos. Following are the key categories of analytics which are described later in this article: Descriptive Analytics Predictive Analytics Prescriptive Analytics What is Descriptive Analytics? Descriptive analytics answers the question or gains insights into or summarize, “What has happened?”. This could be seen as first stage of business analytics and still accounts for the majority of …

I found it very helpful. However the differences are not too understandable for me