explain the role that analytics plays in the modern business environment.
This week’s required readings explain the role that analytics plays in the modern business environment. Consider the following questions and respond in a minimum of 175 words with 3 different opinions.
- How is data analytics different from statistics?
- Analytics tools fall into 3 categories:descriptive, predictive, and prescriptive. What are the main differences among these categories?
- Explain how businesses use analytics to convert raw operational data into actionable information. Provide at least 1 example.
- Consider the organization you work for (or another organization you’re familiar with). Does this organization use data analytics?If so, how is it used? If not, how could the organization use data analytics to improve its performance?