User:Alan lal07

BUSINESS ANALYTICS

The main components of a typical business analytics dashboard include:

Data Aggregation: prior to analysis, data must first be gathered, organized, and filtered, either through volunteered data or transactional records Data Mining: data mining for business analytics sorts through large datasets using databases, statistics, and machine learning to identify trends and establish relationships Association and Sequence Identification: the identification of predictable actions that are performed in association with other actions or sequentially Text Mining: explores and organizes large, unstructured text datasets for the purpose of qualitative and quantitative analysis Forecasting: analyzes historical data from a specific period in order to make informed estimates that are predictive in determining future events or behaviors Predictive Analytics: predictive business analytics uses a variety of statistical techniques to create predictive models, which extract information from datasets, identify patterns, and provide a predictive score for an array of organizational outcomes Optimization: once trends have been identified and predictions have been made, businesses can engage simulation techniques to test out best-case scenarios