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Structuring a data-driven problem

There are three categories to most data-driven decisions.

  • Exploratory analysis: Helps drive decisions by confirming your prior expectations, understanding or improving your fluency without a specific outcome.
  • Explanatory analysis: Helps you learn complex interactions of a business, situation or operation. You're really trying to understand the drivers of a specific topic.
  • Predictive analysis: Rather than a review of historical patterns, you're now trying to use those patterns to produce a future likely outcome.

This exercise is part of the course

Data-Driven Decision Making for Business

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