Last Updated on by
Understanding The Descriptive & Diagnostic Types Of Data Analytics
Everyone must be well aware of the fact that Data Science being an disciplinary field makes use of concepts in Statistics, Programming, Machine Learning & other technologies to derive accurate data-driven smart business decisions. You would be surprised to known that there are four different types of data analytics when it comes to dealing with decision making which include Descriptive Analytics, Diagnostic Analytics, Predictive Analytics, Prescriptive Analytics . You can know about the decision making process in Data Science & the different types of algorithms & techniques used from our Data Science Training in Hyderabad program.
Different Types Of Data Analytics:
- Descriptive Analytics
Descriptive Analytics is a form of data analytics techniques that would help in finding answers to the question that concern with what happened. For example by analyzing the data monthly expenditure & income obtained on a certain product, and the total quantity of products produced in a month, retailers can easily answer the questions that are related to ‘what happened’ & make appropriate decisions based on the analysis.
This form of analytics collects data from various sources & provides us with insights into the past. As a matter of fact, most of the Data Scientists doesn’t recommend companies to settle with Descriptive Analytics alone as it only provides insights to what is wrong or right, without explaining why. Descriptive Analytics when used with other types of data analytics techniques can help in driving accurate decisions.
- Diagnostic Analytics
This type of analytics sets its focus on analyzing historical data to find answers to the questions that concern with why something happened. For example, by analyzing the data sales and gross profit to find answers to why they have failed in achieving the desired net profit target. This form of analytics is also used in the healthcare industry to identify the influence of medications.
Diagnostic analytics when used in combination with Descriptive Analytics can help in making accurate decisions. You can know more in-depth about other types of data analytics techniques that are crucial for decision making by joining us for our Data Science Course In Hyderabad program.