Business analytics use ____________ to derive meaning form data by finding patterns to make future predictions

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Tent8980 Tent8980

24-08-2022
Social Studies

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Business analytics use ____________ to derive meaning form data by finding patterns to make future predictions

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tripatsingh039 tripatsingh039 · Answer 1 · 2022-08-31T10:05:58+02:00

Business analytics use algorithms to derive meaning form data by finding patterns to make future predictions.

Business analytics is a subset of business intelligence and a data management solution.

It involves the use of methodologies like data mining, predictive analytics, and statistical analysis to analyse and transform data into useful information, identify and foresee trends and outcomes, and ultimately make more informed business decisions.

The fundamentals of business analytics are typically divided into three categories: descriptive analytics, predictive analytics, and prescriptive analytics.

Descriptive analytics analyses historical data to determine how a unit may respond to a set of variables; predictive analytics examines historical data to determine the likelihood of specific future outcomes; and prescriptive analytics combines descriptive analytics, which provides insight into what happened, with predictive analytics, which provides insight into what might happen in the future.

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