Types of Data Analytics

In the order of their complexity, they can be classified in 4 types -

1. Descriptive Analytics - Based on Historical & Current data answer question like - "What happened?"
2. Diagnostic Analytics - For deducing & inferring success or failure, like - "Why that happened?" or "Why it went wrong?" or "Why did we receive this growth or success?"
3. Predictive Analytics - Based on what happened or what is happening deriving the answer to question like "What will happen?". This involves complex model-building and analysis in order to predict a future event or trend.
4. Prescriptive Analytics - Optimize processes, structures, and systems through informed action that's based on predictive analytics - what you should do based on what will happen.