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Analytical approaches

Data driven decision making – approaches and techniques
Gain a deeper understanding of frequently used Data and Analytics terms.

Analytical Analytical
approaches techniques

A/B testing Data discovery Descriptive analytics Optimisation Predictive
An experiment whereby A business intelligence Summarises what Finding an alternative analytics
two versions (Aand B) architecture which allows happened in a given with the most cost Uses statistical
are compared. They are users to explore data for situation or scenario. effective or highest functions on one or
identical except for one hidden patterns and trends. It Examples include achievable performance more data sets to
variation that might affect focuses on dynamic, easy-to- number of posts, under the given predict trends or
a user’s behaviour. use reports, whereas mentions, followers, constraints, by future events.
VersionAmight be the traditional business page views, comments maximising desired
currently used version intelligence reports are static. and likes. factors and minimising
(control), while respect undesired ones.
(treatment).

Prescriptive analytics
Recommends one or more
courses of action and
shows the likely outcome of
each decision.

interests or priorities. variable and one or more common features. other groups clusters). Analytical techniques Data driven decision making – approaches and techniques Gain a deeper understanding of frequently used Data and Analytics terms. to each consequences including (factors) affecting those programmed. in some their possible independent variables without being explicitly sense or another. needs. graph of decisions and aspects of the the ability to learn more similar.. Time Series analysis Comprises methods for analysing time series data to extract meaningful statistics and other characteristics of the data. selected physical or abstract system or process. or and categorising opinions operation of a real world statistical outcome between a dependent are perceived to have. . expressed in a piece of process or system over variable at a time. the writer’s attitude that represents the key towards a topic or issue is characteristics or positive. Analytical Analytical approaches techniques Cluster analysis Comparative analysis Descriptive tree Factor analysis Machine learning The task of grouping a A step-by-step procedure of analytics Used to analyse large A type of artificial set of objects in such a comparisons and calculations A decision support tool numbers of dependent intelligence which way that objects in the to detect patterns within very that uses a tree-like variables to detect certain provides computers with same group (cluster) are large data sets. text to determine whether time. It requires a model independent variables. dependent variables. other than to those in chance event outcomes. resource costs and tility. negative or behaviours of the neutral. Multivariate analysis Regression analysis Segmentation analysis Sentiment analysis Simulation The observation and A statistical process for Divides a broad category The process of identifying The imitation of the analysis of more than one estimating relationships into subsets that have.