Data analytics is a multifaceted field that involves the systematic computational analysis of data or statistics. It is used to discover, interpret, and communicate meaningful patterns in data. This process involves applying algorithms and statistical methods to data sets to determine trends, correlations, and patterns. In simpler terms, data analytics transforms raw data into insights to help make better decisions. This process is crucial in various domains, such as business, science, and technology, as it enables organizations and individuals to make more informed choices based on empirical evidence.
At its core, data analytics is divided into several types, including descriptive, predictive, prescriptive, and diagnostic analytics. Descriptive analytics aims to summarize past data to understand what has happened. Predictive analytics uses statistical models and forecast techniques to understand the future. Prescriptive analytics suggests actions you can take to affect desired outcomes. Diagnostic analytics focuses on discovering the causes of past outcomes. Integrating data analytics into decision-making processes leads to more efficient operations, higher business profits, and improved quality of life, making it a vital tool in today’s data-driven world.
BSIT380 - Week 4 Posting - What is Data Analytics?
