What are the different types of data analytics?

Data analytics involves examining raw data to uncover patterns, insights, and trends, and it can be classified into four main types: descriptive, diagnostic, predictive, and prescriptive analytics.

1.Descriptive Analytics: This type focuses on summarizing historical data to understand what has happened. It often employs statistical tools and data visualization techniques to present trends and patterns in an easily digestible format.

2.Diagnostic Analytics: Going a step further, diagnostic analytics seeks to explain why something occurred. By analyzing historical data and identifying correlations, it helps organizations understand the underlying causes of past events.

3.Predictive Analytics: Utilizing statistical models and machine learning algorithms, predictive analytics forecasts future events based on historical data. It enables organizations to anticipate outcomes and make informed decisions, often used in areas like sales forecasting and risk management.

4.Prescriptive Analytics: This type recommends actions to achieve desired outcomes. It combines insights from predictive analytics with optimization techniques to suggest the best course of action in various scenarios.

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