What has happened? (data modeling, statistics, regression)
Why did it happen? (root cause analysis)
What is likely to happen in the future? (forecasting, machine learning, AI)
What should happen in the future? (optimization, simulation)
The Institute for Operations Research and Management Science (INFORMS) defines analytics as “the scientific process of transforming data into insight for making better decisions.” One way to categorize analytics is by the question answered (and appropriate techniques), as shown in the boxes above and this diagram. While not a linear path from one type to another, this is often a typical route followed by organization as they develop greater maturity in analytics.
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