Understanding business analytics terminology is essential for data-driven decisions, as mastering key terms helps in effectively analyzing data, interpreting results, and making informed choices.
Data Mining systematically analyzes huge datasets to generate insightful information, identify patterns, and uncover hidden correlations, which is essential for informed decision-making.
Predictive Analytics uses historical data along with machine learning techniques to predict potential future outcomes, aiding businesses in planning and strategic decision-making.
Prescriptive Analytics combines predictive and descriptive analytics to suggest specific actions to drive decision-making, enhancing the effectiveness of data interpretation.
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