Types of analytical solutions
Forming Analytical Questions
Konstantinos Kattidis
Data Analytics Lead
What analytical solutions we can use?
Analytics solution types
Descriptive analytics solutions
- Data aggregation: Mean, median, and percentiles.
- Data visualization: Line charts, bar charts, and histograms.
- Cluster analysis: K-means clustering and hierarchical clustering.
Diagnostic analytics solutions
- Regression analysis: identifying the relationship between one or more independent variables.
- Hypothesis testing: testing a hypothesis to determine whether a particular variable has a statistically significant impact on an outcome.
- Root cause analysis: Identifying the underlying causes of a particular problem.
Predictive analytics solutions
- Time series forecasting: Analyzing patterns in historical data over time to make predictions about future trends.
- Machine learning: training models to make predictions based on input variables.
- Predictive text analytics: Predicting the next word, phrase, or sentence in a given text.
Certain analytical techniques can be used in more than one analytics types. For example, regression.
Prescriptive analytics solutions
- Recommendation engines: Analyzing behaviors and preferences to provide personalized recommendations to users.
- Optimization: Finding the best solution to a problem, subject to certain constraints or limitation.
- Decision trees: Maps out different possible decisions and outcomes, based on certain criteria or parameters.
