Analytical methods aim to critically evaluate a research problem based on some facts and other relevant information. The use of analytical method is not limited to any particular domain of study, but it can be used for any discipline. It is a problem statement of research that decide if there is a need for any analytical method and which method can work well. Let’s have a detailed discussion on different analytical methods.
Different Analytical Methods
As technology is evolving, the demand for AI (Artificial Intelligence) and analytics is increasing. You can find a lot of research on these topics that describe them as the hottest topic of time. In analytics, the use of advanced technology is increasing. It does not mean there is no need to get insights into basic information. Learning and understanding related aspects from the start help you perform best in advanced analytics. There are four different analytical methods, and each one has a particular set of traits. You must understand the differences between these methods. In this way, you can have the right progression towards success. These different methods are mentioned below by top dissertation writers:
- Descriptive Analytics
- Diagnostic Analytics
- Predictive Analytics
- Prescriptive Analytics
Let’s have a detailed discussion on these methods.
Descriptive analytics is one type that is considered as the first level of analytics. Many researchers use this method of analytics to make a foundation for study. The purpose of descriptive analysis makes it different from other methods. So, you can easily remember each method based on its purpose.
Here, descriptive analysis aims to get insights into history related to any particular event. The simplest way to work on this method is to make a question. The question can be, ‘what happened? It refers to the details of what has already happened. You have to hit the history and identify the basic pattern. It would be challenging to determine the data trend from its raw form. So, it is better to go for the results obtained after analysis. It can be in the form of a chart, table or graph.
If you lack an understanding of the descriptive method, it can cause trouble using other methods. For example, you are doing research on sales at a particular time. In this task, you have to see the demand for that item in the past and current times. Based on trends, you can better forecast new sales rates.
From different analytical methods, diagnostic is another advanced form of analytics. In this method, you need to work on the reason behind any particular happening. When you find the reason, it helps you find the best suitable solution for the designed problem of research. Diagnostic analytics is the second level that leads you towards advanced form. You can better remember this method from its name. Diagnosis refers to a deep investigation. For example, you suffer from health issues; you go to a doctor, and he diagnoses you. After diagnosis, he tells you the reason behind the disease’s happening.
Similar to descriptive analytics, you can make a question for this method too. Here, the question can be in the following form:
What is the reason behind its happening?
This question defines the purpose of diagnostic analytics, and you can better differentiate it from other analytical methods.
When doing research, it is one of the most important tasks to find the answer to the question having ‘why’ in it. In qualitative research, diagnostic analytics can work well based on the problem statement. For example, you have to work on sales and purchase of an item for a specified duration. In this case, you have to go for descriptive analytics that can give you identify the trends of sales and purchases. You can ask some organisation that can provide you data and its analysed results. From trends of data, you can identify the optimised and critical phases. In these phases, you have to work and collect information that can help you answer the question. You can also take help from a good dissertation writing service.
Similar to other analytical methods, you can find the goal of predictive analytics from its name. This method works to forecast something particular. For predictive analytics, you have to use different techniques. The use of these techniques gives you authentic results by reducing the level of errors. In a manual working system, there are high chances of error because of the human factor. So, you must avoid it and go for the use of advanced technology. Regression analysis can help you deal with large data in such analytical methods.
Furthermore, you can use the pattern matching technique. For the pattern matching technique, you need to collect different trends associated with the designed problem of research. It is better to use this technique when you have a good command of critical and analytical skills.
Prescriptive analytics is a process of creating a model that can be applied to a given business problem. This kind of model is called a predictive model, since it predicts the future state of your business. Prescriptive models are created based on historical data and are used to predict future events. The results obtained by prescriptive models can help you understand what might happen in the future and how to best react to these events.
Prescriptive models use algorithms such as neural networks and regression analysis to create predictions that can help you make better decisions about your business. The use of prescriptive analytics helps businesses reduce costs and increase profits by making better decisions about their products and services. The main advantage of using prescriptive analytics is that it provides more accurate predictions than descriptive analytics or predictive analytics alone. This helps businesses make better decisions about their products and services, which results in increased profits for them!
Specified attributes of analytical methods make them different from each other. The easiest way to differentiate them is based on purpose. Also, the questions related to each method can set the ground for them. Understand the above-mentioned points, and you can ensure the best use of each method.