What is the difference between descriptive, diagnostic, predictive, and prescriptive analytics, and how are they applied in real business scenarios?
In response to this, when I explained analytics frameworks at H2kinfosys, Descriptive Analytics covers what happened by leveraging historical reports and dashboards, whereas Diagnostic Analytics focuses on why it happened with the help of drill-down analysis and root-cause techniques. Predictive analytics predicts what will happen using statistical models and machine learning, while prescriptive analytics recommends what to do in the form of optimisation models or simulations. As an example, retailers employ descriptive sales reports, diagnostic analysis for revenue declines, predictive models for demand prediction, and prescriptive tools for inventory management. A Data Analytics certification bridges the gap between academics and industry by combining theoretical knowledge with practical scenarios and showing how to use each data type in real business applications.
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