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Analytics is the "extensive use of data, statistical and quantitative analysis, explanatory and predictive models, and fact-based management to drive decisions and actions." It is a subset of business intelligence, which is a set of technologies and processes that uses data to understand and analyze business performance to drive decision-making .
In other words, business intelligence focusses on description, while business analytics focusses on prediction and prescription. [1] Business analytics makes extensive use of analytical modeling and numerical analysis, including explanatory and predictive modeling, [2] and fact-based management to drive decision making.
Operations research (or operational research) is an interdisciplinary branch of applied mathematics and formal science that uses methods such as mathematical modeling, statistics, and algorithms to arrive at optimal or near optimal solutions to complex problems; Management science focuses on problems in the business world.
A typical "Business Statistics" course is intended for business majors, and covers [71] descriptive statistics (collection, description, analysis, and summary of data), probability (typically the binomial and normal distributions), test of hypotheses and confidence intervals, linear regression, and correlation; (follow-on) courses may include ...
Though the term business intelligence is sometimes a synonym for competitive intelligence (because they both support decision making), BI uses technologies, processes, and applications to analyze mostly internal, structured data and business processes while competitive intelligence gathers, analyzes, and disseminates information with a topical ...
Decision intelligence is from this point of view a superset of EDM, since it encompasses both manual and automated decision-making processes, unifying them into a common methodology that, when effective, breaks down barriers between quantitative analysis / analytics tools and departments and those with a more qualitative / strategic ...
Decision management was described in 2005 as an "emerging important discipline, due to an increasing need to automate high-volume decisions across the enterprise and to impart precision, consistency, and agility in the decision-making process". [1] Decision management is implemented "via the use of rule-based systems and analytic models for ...
Statistical thinking is a tool for process analysis of phenomena in relatively simple terms, while also providing a level of uncertainty surrounding it. [1] It is worth nothing that "statistical thinking" is not the same as "quantitative literacy", although there is overlap in interpreting numbers and data visualizations.