
Business Analytics
Analytics has been defined as the extensive use
of data, statistical and quantitative analysis, explanatory and predictive
models, and fact-based management to drive decisions and actions. Analytics is
more than just analytical methodologies or techniques used in logical analysis.
It is a process of transforming data into actions through analysis and insights
in the context of organizational decision making and problem solving. Analytics
includes a range of activities, including business intelligence, which is
comprised of standard and ad hoc reports, queries and alerts; and quantitative
methods, including statistical analysis, forecasting/ extrapolation, predictive
modeling (such as data mining), optimization and simulation.