Question

Discuss the relationship between classification and the concepts of descriptive, predictive, and prescriptive analytics. Also, discuss their relationship to the types of business questions addressed in each case.

Answer 1

Classification-It is a process where we can categoirse the objects into various types.

For Example:

Banking data set consits of various coustomers, we can classify the customers based on income group.

low income group, medium income group or high income group.

In ecommerce application, the set of customers are classified based on occupation.

customers are classified as students, employees, enterprenours etc.

Prediction: The model that predicts the objects to fall in a category and classify it so that it will belongs to the specific class

prediction is used to classify objects.

Descriptive analytics- In this approach , the historical data is analysed to identify what happened in past.

Example: By analysing the data set, what kind of customers purchased an item.

For example:

1. the customers age group, we bought the computer.

2. The set of which discipline students enrolled in a skill development course.

predictive analytics- In this approach, by analysing the past data, we can predict what can happen in future.

For example:

1. To which set of students we can approach to offer a specific course. the students who finished programming course in C language can take the java course.

2.It can be predicted that the set of customers who bought a computer will buy a speaker.