Analytics is used in all business roles. In management, it is important to understand what type of analytics to employ depending on your position and the data available. To analyze business trends, an HR manager will look at market trends and hiring data like salaries in their local market to be competitive and attract talent.
Respond to the following:
- How is data analytics different from statistics?
- Analytics tools fall into 3 categories: descriptive, predictive, and prescriptive. What are the main differences among these categories?
- Explain how businesses use analytics to convert raw operational data into actionable information. Provide at least 1 example.
- Consider your role in the organization you work for (or another organization you’re familiar with). How is data analytics important to your job and your organization? If it is not, how could you and the organization use data analytics to improve performance?