What are the different types of data analysis?
An example of an AI chatbot conversation about data analysis types.
What are the different types of data analysis?
There are several types of data analysis, including descriptive, diagnostic, predictive, and prescriptive analysis. Would you like to know more about each type?
Yes, please explain descriptive and diagnostic analysis.
Descriptive analysis summarizes historical data to understand what has happened, while diagnostic analysis investigates why something happened by identifying patterns and correlations.
What about predictive and prescriptive analysis?
Predictive analysis uses statistical models to forecast future outcomes, whereas prescriptive analysis recommends actions based on data insights to achieve desired results.
Can you give examples of each type?
Sure! For descriptive, think of sales reports. For diagnostic, consider analyzing customer churn. Predictive could be sales forecasting, and prescriptive might involve optimizing marketing strategies.
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