Analytics Terminology

vasudha s
Flashcards by , created 2 months ago

Analytics, Business analytics, Predictive modelling, Advanced analytics, Big Data Analytics, Data Mining, Knowledge Discovery, Artificial Intelligence, Machine learning, Business Intelligence, OLAP, Reporting, Data warehousing, Statistics

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vasudha s
Created by vasudha s 2 months ago
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Question Answer
Analytics Analytics can simply be defined as the process of breaking a problem into simpler parts and using inferences based on data to drive decisions. Analytics is not a tool or a technology; rather it is a way of thinking and acting. Analytics has widespread applications in spheres as diverse as science, astronomy, genetics, financial services, telecom, retail, marketing, sports, gaming and health care.
Business analytics This term refers to the application of analytics specifically in the sphere of business. It includes subsets like – Marketing analytics Risk analytics Fraud analytics CRM analytics Loyalty analytics Operations analytics HR analytics Industries which rely extensively on analytics include – Financial Services (Banks, Credit Cards, Loans, Insurance etc.) , Retail , Telecom , Health care , Consumer goods , Manufacturing , Sports , Hotels , Airlines Any industry where large amounts of data is generated