: Diagnostic analysis answers the question, "Why did this happen?"
Using insights gained from statistical analysis (more on that later!), analysts use
diagnostic analysis to identify patterns in data. Ideally, the analysts find similar patterns
that existed in the past, and consequently, use those solutions to resolve the present
: Predictive analysis answers the question, "What is most likely to
happen?" By using patterns found in older data as well as current events, analysts
predict future events. While there's no such thing as 100 percent accurate forecasting,
the odds improve if the analysts have plenty of detailed information and the discipline to
research it thoroughly.
: Mix all the insights gained from the other data analysis types, and
you have prescriptive analysis. Sometimes, an issue can't be solved solely with one
analysis type, and instead requires multiple insights.
: Statistical analysis answers the question, "What happened?" This
analysis covers data collection, analysis, modeling, interpretation, and presentation
using dashboards. The statistical analysis breaks down into two sub-categories:
: Descriptive analysis works with either complete or selections of
summarized numerical data. It illustrates means and deviations in continuous
data and percentages and frequencies in categorical data.
: Inferential analysis works with samples derived from complete data.
An analyst can arrive at different conclusions from the same comprehensive data
set just by choosing different samplings.
: Also called "
," text analysis uses databases and data mining
tools to discover patterns residing in large datasets. It transforms raw data into useful
business information. Text analysis is arguably the most straightforward and the most
direct method of data analysis.
I want you to discuss your familiarity with EXCEL and how difficult the EXCEL project
was for you. If you used an online help, such as YouTube for EXCEL tips, please share
You will post this to the discussion forum for that unit. This will enable your
classmates to benefit from your tips, too, and they can provide comments if they wish.
Hello everyone. This week's assignment had been pretty straightforward, and I didn't
find the topics to be too challenging in understanding the content. I will say that I had a
massive amount of trouble downloading, and getting the basics of EXCEL down. For
whatever reason my personal PC doesn't have the ability to run EXCEL with the