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Being the most common out of all the others, descriptive analytics answers the question, “What has happened?” in business. A typical example of this is a profit and loss statement created monthly.

In the words of Dr. Michael Wu, “This is the simplest class of analytics. One that allows you to condense big data into smaller, more useful nuggets of information.’’ Analysts usually have data on a small percentage of their customers. This information can be as thoroughly specific such a detailing the number of customers own a red jeep. Visualization tools make this process even more effective and enhances the descriptive aspect of it.

This particular one seeks to respond to the question, “Why is it happening?’’. It is usually used after descriptive analytics to solve any problems that might have been highlighted. It comes with tools that are used to drill down the main root of the problem and isolate it

Dr. Micheal Wu says, “Predictive analytics can only forecast what might happen in the future because all predictive analytics are probabilistic in nature.” In other words, this kind seeks to respond to the question, “What is likely to happen?”.

It’s clearly all about forecasting and predicting at which point in the future will a certain event happen in quantifiable amounts. In a world of uncertainty, it’s essential to have the tools that make things a bit more clearer. This is an important type of analytics that is used in various fields.

Prescriptive is largely about simulation and optimization. It answers the question, “What do I need to do?”  It makes use of an understanding of ‘what has happened’ and ‘what will happen’ to bring about a resolution on what needs to be done.

This involves a number of actions that ensure that things work out as needed. A typical example of this would be an academic institution creating an examination timetable that won’t clash the students’ cycles.