Business Analytics is a broader term that encompasses various techniques used to analyze past business performance and predict future outcomes. It focuses on using data and statistical methods to gain insights and make predictions that can guide decision-making. Business Analytics includes:
2. **Predictive Analytics:** Using historical data and statistical algorithms to predict future trends and outcomes. This involves building models that can forecast customer behavior, sales, and other important metrics.
3. **Prescriptive Analytics:** Going beyond prediction to recommend actions that can optimize outcomes. Prescriptive analytics suggests specific strategies to achieve desired business goals.
4. **Diagnostic Analytics:** Digging deeper into data to understand why certain events occurred. This involves analyzing factors that contributed to specific outcomes.
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