Analytics- Defining future We all have heard of analytics, some say it is science, some say it is numbers and some say it is all charts which makes the top management happy. To some extent it is true as that is how it gets into an organisation. The real power of analytics can only be →
Posts Tagged ‘Analytics’
According to Wikipedia – The simplest definition of analytics is “the science of analysis”. A simple and practical definition, however, would be how an entity (i.e., business) arrives at an optimal or realistic decision based on existing data. A practical definition, however, would be that analytics is the process of developing optimal or realistic decision recommendations based on insights derived through the application of statistical models and analysis against existing and/or simulated future data. Business managers may choose to make decisions based on past experiences or rules of thumb, or there might be other qualitative aspects to decision making; but unless there are data involved in the process, it would not be considered analytics. Common applications of analytics include the study of business data using statistical analysis in order to discover and understand historical patterns with an eye to predicting and improving business performance in the future. Also, some people use the term to denote the use of mathematics in business. Others hold that the field of analytics includes the use of operations research, statistics, and probability. However, it would be erroneous to limit the field of analytics to only statistics and mathematics.