There are several types of data
analysis techniques that exist based on business and technology. The major
types of data analysis are:
- Text Analysis
- Statistical Analysis
- Diagnostic Analysis
- Predictive Analysis
- Prescriptive Analysis
1) Text Analysis
Text Analysis is also referred to as
Data Mining. It is a method to discover a pattern in large data sets using
databases or data mining tools. It used to transform raw data into business
information. Business Intelligence tools are present in the market which is
used to take strategic business decisions. Overall it offers a way to extract
and examine data and deriving patterns and finally interpretation of the data.
2) Statistical
Analysis
Statistical Analysis shows "What
happen?" by using past data in the form of dashboards. Statistical
Analysis includes collection, Analysis, interpretation, presentation, and
modeling of data. It analyses a set of data or a sample of data. There are two
categories of this type of Analysis - Descriptive Analysis and Inferential
Analysis.
3) Descriptive
Analysis
Descriptive analyses complete data or
a sample of summarized numerical data. It shows mean and deviation for
continuous data whereas percentage and frequency for categorical data.
4) Inferential
Analysis
Inferential analyses sample from
complete data. In this type of Analysis, you can find different conclusions
from the same data by selecting different samples.
5) Diagnostic
Analysis
Diagnostic Analysis shows "Why
did it happen?" by finding the cause from the insight found in Statistical
Analysis. This Analysis is useful to identify behavior patterns of data. If a
new problem arrives in your business process, then you can look into this
Analysis to find similar patterns of that problem. And it may have chances to
use similar prescriptions for the new problems.
6) Predictive
Analysis
Predictive Analysis shows "what
is likely to happen" by using previous data. The simplest example is like
if last year I bought two dresses based on my savings and if this year my
salary is increasing double then I can buy four dresses. But of course it's not
easy like this because you have to think about other circumstances like chances
of prices of clothes is increased this year or maybe instead of dresses you
want to buy a new bike, or you need to buy a house!
So here, this Analysis makes
predictions about future outcomes based on current or past data. Forecasting is
just an estimate. Its accuracy is based on how much detailed information you
have and how much you dig in it.
7) Prescriptive
Analysis
Prescriptive Analysis combines the
insight from all previous Analysis to determine which action to take in a
current problem or decision. Most data-driven companies are utilizing
Prescriptive Analysis because predictive and descriptive Analysis are not
enough to improve data performance. Based on current situations and problems,
they analyze the data and make decisions.
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