How does Descriptive Analytics work?
As we all know Descriptive Analytics provides results by using statistical techniques. Lets go through the steps:
- First collect the data from various sources. Sources can be excel sheets, CSVs, surveys etc.
- Since data can be noisy in nature, clean the data. Fill or remove the missing values. Use the techniques of normalization to transform the data.
- Use techniques like Measures of Central Tendency, Variance, Frequencies etc to get the summary about the past data
- Then perform Exploratory Data Analysis. In this technique bar plots, pie charts and other visualizations are used.
- Then from the calculations and the visualizations create a report and provide a complete description about the dataset.
What is Descriptive Analytics and how does it summarize past data in a simple way?
The term Analytics means analyzing the patterns or the trends of the data. Since data comprises patterns it is important to analyze them so that the companies can harness the results to gain profit. The term descriptive means description.
In this article, we will discuss What is Descriptive analytics, the Tools used for Descriptive analytics, how they work and How can it able to benefit other companies.
Table of Content
- What is Descriptive Analytics?
- What tools can be used for Descriptive Analytics?
- How does Descriptive Analytics work?
- Summarizing Past Data using Descriptive Analytics
- Advantages of Descriptive Analytics
- Disadvantages of Descriptive Analytics
- How Can Companies Benefit From Descriptive Analytics?
- Conclusion
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