In this episode you’ll learn about the 4 main types of analytics and when to use each method in your own analysis.
Previous Episode:
https://datarockspodcast.buzzsprout.com/1276397/5866354-having-fun-with-data-sabermetrics-style
Timeline:
01:26 - Guideposts in Analytics
03:21 - Descriptive Analytics
05:26 - Diagnostic Analytics
06:55 - Predictive Analytics
10:04 - Prescriptive Analytics
11:05 - A Deeper Dive
17:56 - Which Method Should You Use?
19:22 - The Last Record
The Last Record:
- The most important thing you can do as an analyst is help tell the story.
- The progression of analytics contains four main methods. Descriptive (what happened); Diagnostic (why did it happen); Predictive (what will happen); and Prescriptive (what actions can I take based on what will happen). With each step in the progression, the analysis becomes more difficult, but the payoff is with greater value.
- We talked about an example in transportation where I walked you thru some of the questions and types of analysis you may encounter in each of the four methods.
- In order to know what method to use, you have to know what data you have available and what you are capable of providing. It’s important to listen to your stakeholders and understand the problem that you’re trying to solve, so you can provide the best solution possible.
