FORMS OF DATA ANALYSIS
An organization with massive data can begin analytics before beginning data scientists should make sure that predictive analytics fulfills their business goals and is appropriate for the big data environment.
There are three types of analytics –
Descriptive analytics – It is the primary form of analytics that aggregates big data and provides useful insights into the past.
Predictive analytics – Next step in data reduction; It uses various statistical modeling and machine learning techniques to analyze past data and predict the future outcomes
Prescriptive analytics – New form of analytics that uses a combination of business rules, machine learning, and computational modeling to recommend the best course of action for any pre-specified outcome.
NEURAL NETWORKS – BUILDING BLOCKS OF DATA ANALYSIS
The neural network is a system of hardware and software mimicked after the central nervous system of humans, to estimate functions that depend on vast amounts of unknown inputs. Neural networks are specified by three things – architecture, activity rule, and learning rule.