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In today’s data-driven world, the ability to analyze vast amounts of data and extract meaningful insights is invaluable. Organizations that embrace analytics gain a competitive edge through improved efficiency, precise forecasting, and better overall decision-making.
Core Concepts of Business Analytics
Key Components
Business analytics typically involves several core components, including:
Descriptive Analytics: This involves examining historical data to understand trends and patterns.
Predictive Analytics: This uses statistical techniques to forecast future outcomes based on historical data.
Prescriptive Analytics: This recommends actions based on predictive models and historical data insights.
Data Sources