A collection of data by a scientist is a very common thing nowadays. But this data has no meaning and cannot be interpreted. For it to acquire a meaning, it must be processed or analyzed. The analyzed one can now clearly exude a meaning that can be the initial point in discovery of a phenomenon. Analytics is the exhuming and explanation of substantial arrangements and patterns of data. It works efficiently on the applications of statistics and the computer programming to bring out the patterns of the findings.
It is of different types. Prescriptive type shows what actions should be taken. It is mainly applicable when setting rules and regulations. Though it is a very important type, only a few use it. This form can be applied clinically where the obese patients are determined, and using this information; precaution measures are taken against diabetes and cholesterol effects.
Another type is the predictive one where an occurrence is analyzed to determine what the future is made of. The patterns that have been exuded by the past events can be used to predict what lie ahead. If a rainy season has failed, then it could be predicted that drought and famine are the next future occurrences. From the posts on the social media, the companies can predict the rate of sales of a certain item depending on likability.
Diagnostic type is concerned with analyzing the historical events so that one acquires the information why and what caused the occurrence. From the social media, the companies can observe the comments of the customers especially after the occurrence of a phenomenal thing. If the comments are not pleasing at all, the can apologize.
The descriptive is used to determine what is happening currently depending on data flowing in. A company can know the quality of an item that is new to the market by analyzing the number and the frequency the customers buying it. If it is of good quality and meeting the expectations of customers, it is likely to sell at a fast rate than the one that does not meet their expectations.
Different methods are applied by the companies during collection of data. The behaviors of customers may be studied within the business. This can be achieved by looking at the sales of commodities within the business. This type of study is called inbox behavior study. A commodity that takes a very short time on the shelves needs to be stocked in large quantities.
The business managers also learn the sales of items from other retail shops or other companies around it or away. Looking out of box behaviors helps in gathering information that is of importance in improving the business performance. If the business around is not selling an item that is in great demand by the customers, then that is the item to think about.
Another way companies use to collect the data is through the stated or spoken behaviors. In this case, the research is done through the online or even offline. The interest of this is all about knowing what is in the customers mind. Other method used includes conducting surveys for example by walking around filling a questionnaire with the help of customers.
It is of different types. Prescriptive type shows what actions should be taken. It is mainly applicable when setting rules and regulations. Though it is a very important type, only a few use it. This form can be applied clinically where the obese patients are determined, and using this information; precaution measures are taken against diabetes and cholesterol effects.
Another type is the predictive one where an occurrence is analyzed to determine what the future is made of. The patterns that have been exuded by the past events can be used to predict what lie ahead. If a rainy season has failed, then it could be predicted that drought and famine are the next future occurrences. From the posts on the social media, the companies can predict the rate of sales of a certain item depending on likability.
Diagnostic type is concerned with analyzing the historical events so that one acquires the information why and what caused the occurrence. From the social media, the companies can observe the comments of the customers especially after the occurrence of a phenomenal thing. If the comments are not pleasing at all, the can apologize.
The descriptive is used to determine what is happening currently depending on data flowing in. A company can know the quality of an item that is new to the market by analyzing the number and the frequency the customers buying it. If it is of good quality and meeting the expectations of customers, it is likely to sell at a fast rate than the one that does not meet their expectations.
Different methods are applied by the companies during collection of data. The behaviors of customers may be studied within the business. This can be achieved by looking at the sales of commodities within the business. This type of study is called inbox behavior study. A commodity that takes a very short time on the shelves needs to be stocked in large quantities.
The business managers also learn the sales of items from other retail shops or other companies around it or away. Looking out of box behaviors helps in gathering information that is of importance in improving the business performance. If the business around is not selling an item that is in great demand by the customers, then that is the item to think about.
Another way companies use to collect the data is through the stated or spoken behaviors. In this case, the research is done through the online or even offline. The interest of this is all about knowing what is in the customers mind. Other method used includes conducting surveys for example by walking around filling a questionnaire with the help of customers.
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