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What are the different types of analytics goals?

An example of an AI chatbot conversation about analytics goals and their types.

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You

What are the different types of analytics goals?

MagicBuddy
MagicBuddy

Analytics goals can be categorized into several types, including descriptive, diagnostic, predictive, and prescriptive analytics.

😀
You

Can you explain what each type means?

MagicBuddy
MagicBuddy

Sure! Descriptive analytics focuses on summarizing past data, diagnostic analytics explains why something happened, predictive analytics forecasts future outcomes, and prescriptive analytics suggests actions to achieve desired results.

😀
You

Which type is most commonly used in businesses?

MagicBuddy
MagicBuddy

Descriptive analytics is the most commonly used type in businesses, as it helps in understanding historical performance and trends.

😀
You

How can I set effective analytics goals for my business?

MagicBuddy
MagicBuddy

To set effective analytics goals, ensure they are specific, measurable, achievable, relevant, and time-bound (SMART).

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