Implementing Analytics

Chapter 1

Defining Analytics

Contents

The Hype

The Challenge of Definition

Definition 1: Business Value Perspective

Definition 2: Technical Implementation Perspective

Analytics Techniques

Algorithm versus Analytics Model

Forecasting

Descriptive Analytics

Clustering

Predictive Analytics

Prediction versus Forecasting

Prediction Methods

Decision Optimization

Conclusion of Definition

The Hype

Analytics is one of the hot topics on today’s technology landscape (also referred as Big Data), although it is somewhat overshadowed by the high-profile social media revolution and perhaps also by the mobile revolution led by Apple Inc., which now includes smartphones, applications, and tablets. Social media, mobile, and tablet revolutions have impacted an ...