P.G. Diploma in Business Analytics
Business Analytics refers to the skills, technologies, practices for continuous iterative exploration and investigation of past business performance to gain insight and drive business planning. Business analytics focuses on developing new insights and understanding of business performance based on data and statistical methods. In contrast, business intelligence traditionally focuses on using a consistent set of metrics to both measure past performance and guide business planning, which is also based on data and statistical methods. Business analytics makes extensive use of statistical analysis, including explanatory and predictive modeling. and fact-based management to drive decision making. It is therefore closely related to management science. Analytics may be used as input for human decisions or may drive fully automated decisions. Business analytics can answer questions like why is this happening, what if these trends continue, what will happen next (predict), and what is the best outcome that can happen. There are basically four types of analytics, which are as follows:
- Decision Analytics: supports human decisions with visual analytics that the user models to reflect reasoning.
- Descriptive Analytics: gains insight from historical data with reporting, scorecards, clustering etc.
- Predictive Analytics: Employs predictive modeling using statistical and machine learning techniques.
- Predictive Analytics: Recommends decisions using optimsation, simulation etc.