From the course: Business Analytics: Marketing Data
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Types of analysis
From the course: Business Analytics: Marketing Data
Types of analysis
- [Instructor] Analytics is a pretty broad catchall term, but there are three specific types that you should know about: descriptive, predictive and prescriptive. Each of these types build off the previous type of analysis that came before. First, we have descriptive analytics. This type of analytics is by far the most common. It looks back at your historical trends to shed light on what's working, and it mostly leverages internal data sources that your organization is actively creating, such as sales or marketing data. The second type of analytics is predictive. This phase is quite a bit more sophisticated than descriptive, as it leans on more advanced forms of calculations to get the job done, such as linear regression modeling. This phase builds off of descriptive analytics in that you need solid data sources with a lot of data to create an effective predictive model. Last we have prescriptive analytics, and this…
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