Data Approaches
Select one of the four data approaches:
- Descriptive Analytics,
- Diagnostic Analytics,
- Predictive Analytics, or
- Prescriptive Analytics.
Select a data approach within one of these and then provide an example of when this approach will be utilized. For example, when would artificial intelligence or machine learning be used in an accounting problem? Another example is where do you see descriptive statics (descriptive analytics)? And, when is profiling (diagnostic analytics) appropriate?
Be sure to post an initial, substantive response by Thursday at 11:59 p.m. MST and respond to two or more peers with substantive responses by Sunday at 11:59 p.m. MST. A substantive initial post answers the question presented completely and/or asks a thoughtful question pertaining to the topic. Substantive peer responses ask a thoughtful question pertaining to the topic and/or answers a question (in detail) posted by another student or the instructor.
Requirements: 250-500 Words
Answer preview
Data analytics enable individuals and businesses to gather insights and trends of raw data through inspecting, cleansing, transforming, and data modeling processes. The insights gathered help formulate decisions that enhance business growth and development. One of the approaches implemented is descriptive analytics which helps answer a question, such as what happened, establishing a solid base for further analysis (Husamaldin, & Saeed, 2020). This analytics approach is the core for the day-to-day reporting in an organization. Descriptive analytics is crucial in businesses, for it helps managers understand financial statistics. For instance, the managers may want to understand the financial situation in the company based on sales made, invested capital, and earnings ratios within the given timelines.
300 words