Types of Data Analysis
There are basically three types of data analysis which are as follows:
- Descriptive Analysis
- Predictive Analysis
- Prescriptive Analysis
Descriptive Analysis
Examining numerical data and calculations aids in comprehending business operations. Descriptive analysis serves various purposes such as:
- Assessing customer satisfaction
- Monitoring campaigns
- Producing reports
- Evaluating performance
Predictive Analysis
Uses historical data, statistical models, and machine learning algorithms to identify patterns and make predictions about future outcomes. Some applications of predictive analytics are:
- Sales Forecasting: Predictive analytics can help businesses forecast future sales trends based on historical data and market variables.
- Customer Churn Prediction: Businesses can use predictive analytics to identify customers who are likely to churn or stop using their services, allowing proactive measures to retain them.
- Healthcare Diagnostics: Predictive analytics can aid in diagnosing diseases and predicting patient outcomes based on medical history, symptoms, and other relevant data.
Prescriptive Analysis
Uses extensive methods and technologies to analyse data and information in order to determine the best course of action or plan.
For example, prescriptive analysis may suggest specific products to online customers based on their previous behaviour.
Introduction of Statistics and its Types
Statistics and its Types: Statistics is a branch of math focused on collecting, organizing, and understanding numerical data. It involves analyzing and interpreting data to solve real-life problems, using various quantitative models. Some view statistics as a separate scientific discipline rather than just a branch of math. It simplifies complex tasks and offers clear insights into regular activities. Statistics finds applications in diverse fields like weather forecasting, stock market analysis, insurance, betting, and data science.
In this article, we will learn about, What is Statistics, Types of Statistics, Models of Statistics, Statistics Examples, and others in detail.
Table of Content
- What are Statistics?
- Types of Statistics
- Descriptive Statistics
- Inferential Statistics
- Hypothesis Testing
- Data in Statistics
- Representation of Data
- Models of Statistics
- Data Analysis
- Types of Data Analysis
- Coefficient of Variation
- Applications of Statistics
- Business Statistics
- Scope of Statistics
- Limitations of Statistics
- Solved Problems – Statistics