Information collection and types of research
Posted: Thu Feb 20, 2025 5:13 am
Before thinking about solidifying a data-driven model, it is necessary to understand what the company's objectives are and what the limitations are on the availability of time and resources, and only then begin collecting data and choosing which analyses are most suitable for the necessary solutions.
Learn about the main types of data analysis:
Descriptive analysis
Descriptive analysis is relatively simple to apply and enables major improvements in the company's routine. This type of analysis is also known as exploratory analysis and uses statistical techniques to indicate how latvia mobile database the data is currently performing. It can be done in three ways: univariate, when it investigates a single variable; bivariate, when it investigates the relationship between two variables; and multivariate, when it investigates the relationship between several variables.
As it is a more basic process, descriptive analysis answers initial and immediate questions, such as: which marketing email had the highest number of openings? This question can be answered simply by organizing the numbers or by creating a graph. This type of analysis is easily found in simple, automatically generated statistical reports. In the data-driven management model, this analysis can help the company understand what happened with the actions that have already taken place.
Predictive analysis
In predictive analysis, it is possible to gather information to predict what will happen with ongoing actions. It is performed using a formula to estimate an unknown parameter. In other words, in practice, it is a logical statement of the simplified representation of the reality of an objective fact.
The predictive model consists of determining accurate results. Most companies that guide their business based on data analysis use this intelligence. For example, Walmart can predict which products will be most sought after and which will have the greatest sales success after different life cycles of a person. By knowing which products are the best-selling at a given time, it is possible to anticipate what the next sales peaks will be. Predictive analysis is also able to indicate which customer profile is most likely to not renew contracts.
Learn about the main types of data analysis:
Descriptive analysis
Descriptive analysis is relatively simple to apply and enables major improvements in the company's routine. This type of analysis is also known as exploratory analysis and uses statistical techniques to indicate how latvia mobile database the data is currently performing. It can be done in three ways: univariate, when it investigates a single variable; bivariate, when it investigates the relationship between two variables; and multivariate, when it investigates the relationship between several variables.
As it is a more basic process, descriptive analysis answers initial and immediate questions, such as: which marketing email had the highest number of openings? This question can be answered simply by organizing the numbers or by creating a graph. This type of analysis is easily found in simple, automatically generated statistical reports. In the data-driven management model, this analysis can help the company understand what happened with the actions that have already taken place.
Predictive analysis
In predictive analysis, it is possible to gather information to predict what will happen with ongoing actions. It is performed using a formula to estimate an unknown parameter. In other words, in practice, it is a logical statement of the simplified representation of the reality of an objective fact.
The predictive model consists of determining accurate results. Most companies that guide their business based on data analysis use this intelligence. For example, Walmart can predict which products will be most sought after and which will have the greatest sales success after different life cycles of a person. By knowing which products are the best-selling at a given time, it is possible to anticipate what the next sales peaks will be. Predictive analysis is also able to indicate which customer profile is most likely to not renew contracts.