Types of data analysis

Business intelligence is an umbrella term for many types of data analysis. Descriptive analytics can be used to depict current business conditions and provide new insights into the current environment. This type of analysis typically includes a dashboard with a big-picture summary of data and the ability to drill down to ever-increasing levels of detail. Diagnostic analytics can help to answer the question of why certain patterns exist in the descriptive data by seeking statistical correlations of cause and effect. Predictive analytics examines the historical patterns associated with descriptive analysis and the reasons for those patterns from the diagnostic analysis to predict future business activities. Predictive analytics include a combination of big data, business intelligence, and machine learning, which is a form of artificial intelligence. Prescriptive analytics are used to make recommendations based on predictive analysis.

Use the business you chose in week 1 for this assignment. On the discussion board, you provided an example of the use of big data for your business. In this paper, you will describe additional uses. If your business has a low-cost strategy, explain how the various forms of data analytics could help to keep the costs of products and services low. (Note: companies that manufacture their own products will have a different analysis from companies that are resellers.) If your business has a differentiation strategy, explain how data analytics could help your business to continue to provide distinctive products given changing market conditions and evolving tastes. If your business has a focused strategy, explain how data analytics could help to better serve a market niche or a specific customer base. Make sure you consider where you will get the data for your analysis. You should provide examples of descriptive, diagnostic, predictive, and prescriptive analytics for your business. Please be specific.