In the order of their complexity, they can be classified in 4 types -
- Descriptive Analytics - Based on Historical & Current data answer question like - "What happened?"
- Diagnostic Analytics - For deducing & inferring success or failure, like - "Why that happened?" or "Why it went wrong?" or "Why did we receive this growth or success?"
- Predictive Analytics - Based on what happened or what is happening deriving the answer to question like "What will happen?". This involves complex model-building and analysis in order to predict a future event or trend.
- Prescriptive Analytics - Optimize processes, structures, and systems through informed action that's based on predictive analytics - what you should do based on what will happen.
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