Descriptive vs. Predictive vs. Prescriptive Analytics
Descriptive, predictive, and prescriptive analytics are three types of data analytics that are used to gain insights from data. Here's a brief overview of each type: Descriptive Analytics: Descriptive analytics deals with understanding what happened in the past. It involves analyzing historical data to gain insights into trends, patterns, and relationships. Descriptive analytics can help answer questions like "What happened?" and "How did it happen?" Let's say you run an e-commerce store and you want to understand your customers' behavior. Descriptive analytics would involve analyzing your historical sales data to gain insights into things like customer demographics, purchasing patterns, and buying habits. For example, you might use descriptive analytics to identify which products are the most popular, which customers are the most valuable, and which marketing campaigns are the most effective. Predictive Analytics: Predictive analytics deals with under...