Business analytics (BA) is a set of disciplines and technologies for solving business problems using data analysis, statistical models and other quantitative methods. It involves an iterative, methodical exploration of an organization's data, with an emphasis on statistical analysis, to drive decision-making.
Business analytics (BA) is a set of disciplines and technologies for solving business problems using data analysis, statistical models and other quantitative methods. It involves an iterative, methodical exploration of an organization's data, with an emphasis on statistical analysis, to drive decision-making.
Before any data analysis takes place, BA starts with several foundational processes:
Initial analysis is typically performed on a smaller sample data set of data. Analytics tools range from spreadsheets with statistical functions to complex data mining and predictive modeling applications. Patterns and relationships in the raw data are revealed. Then new questions are asked, and the analytic process iterates until the business goal is met.
Deployment of predictive models involves a statistical process known as scoring and uses records typically located in a database. Scores help enterprises make more informed, real-time decisions within applications and business processes.
Different types of business analytics include the following:
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