This article was written by Thomas Maydon. Maydon is the Head of Credit Solutions at Principa and has primarily been involved in consulting, analytics, credit bureau and predictive modeling services.
Simplistically, analytics can be divided into four key categories. I’ll explain these four in more detail below.
- Descriptive: What is happening?
- Diagnostic: Why is it happening?
- Predictive: What is likely to happen?
- Prescriptive: What do I need to do?
Related article: 8 types of data.
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