What is the difference between predictive and descriptive analytics?
An example of an AI chatbot conversation about predictive vs descriptive analytics.
What is the difference between predictive and descriptive analytics?
Descriptive analytics focuses on summarizing historical data to understand what has happened, while predictive analytics uses statistical models to forecast future outcomes.
Can you give me examples of each type?
Sure! Descriptive analytics might include generating reports on sales data from last year, while predictive analytics could involve using that data to forecast next quarter's sales.
Which one is more useful for businesses?
It depends on the business needs. Descriptive analytics helps in understanding past performance, while predictive analytics aids in strategic planning and decision-making.
Are there any tools that can help with these analytics?
Yes, tools like Tableau and Power BI are great for descriptive analytics, while tools like IBM Watson and SAS are popular for predictive analytics.
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