Analytical approaches

Data driven decision making approaches and techniques

Gain a deeper understanding of frequently used Data and Analytics terms.

Analytical Analytical
approaches techniques

A/B testing Data discovery Descriptive analytics Optimisation Predictive

An experiment whereby
two versions (Aand B)
are compared. They are
identical except for one
variation that might affect
a users behaviour.
VersionAmight be the
currently used version
(control), while respect
(treatment).
A business intelligence
architecture which allows
users to explore data for
hidden patterns and trends. It
focuses on dynamic, easy-to-
use reports, whereas
traditional business
intelligence reports are static.
Summarises what Finding an alternative analytics
happened in a given with the most cost Uses statistical
situation or scenario. effective or highest functions on one or
Examples include achievable performance more data sets to
number of posts, under the given predict trends or
mentions, followers, constraints, by future events.
page views, comments maximising desired
and likes. factors and minimising
undesired ones.

Prescriptive analytics
Recommends one or more
courses of action and
shows the likely outcome of
each decision.
 Analytical techniques
Data driven decision making approaches and techniques
Gain a deeper understanding of frequently used Data and Analytics terms.
Analytical Analytical
approaches techniques
Cluster analysis
The task of grouping a
set of objects in such a
way that objects in the
same group (cluster) are
more similar, in some
sense or another, to each
other than to those in
other groups clusters).
Multivariate analysis
The observation and
analysis of more than one
statistical outcome
variable at a time..
Time Series analysis
Comprises methods for
analysing time series
data to extract meaningful
statistics and other
characteristics of
the data.
Comparative analysis
A step-by-step procedure of
comparisons and calculations
to detect patterns within very
large data sets.
Regression analysis
A statistical process for
estimating relationships
between a dependent
variable and one or more
independent variables.
Descriptive tree Factor analysis
analytics Used to analyse large
A decision support tool numbers of dependent
that uses a tree-like variables to detect certain
graph of decisions and aspects of the
their possible independent variables
consequences including (factors) affecting those
chance event outcomes, dependent variables.
resource costs and tility.
Segmentation analysis Sentiment analysis
Divides a broad category The process of identifying
into subsets that have, or and categorising opinions
are perceived to have, expressed in a piece of
common features, needs, text to determine whether
interests or priorities. the writers attitude that represents the key
towards a topic or issue is
positive, negative or
neutral.
Machine learning
A type of artificial
intelligence which
provides computers with
the ability to learn
without being explicitly
programmed.
Simulation
The imitation of the
operation of a real world
process or system over
time. It requires a model
characteristics or
behaviours of the
selected physical or
abstract system or
process.