MIS 7000 Costco Data Analytics Paper
Description
Business intelligence is an umbrella term for many types of data analysis.
Descriptive analytics can be used to depict current business conditions and provide new insights into the current environment. This type of analysis typically includes a dashboard with a big picture summary of data and the ability to drill down to ever increasing levels of detail.
Diagnostic analytics can help to answer the question of why certain patterns exist in the descriptive data by seeking statistical correlations of cause and effect.
Predictive analytics examine the historical patterns associated with descriptive analysis and the reasons for those patterns from the diagnostic analysis to predict future business activities.
Predictive analytics include a combination of big data, business intelligence, and machine learning, which is a form of artificial intelligence. Prescriptive analytics are used to make recommendations based on the predictive analysis.
In this paper, describe and provide examples of how Costco uses big data.
Cost has a low-cost strategy, so explain how the various forms of data analytics could help to keep the costs of products and services low.
You should provide examples of descriptive, diagnostic, predictive, and prescriptive analytics for your business. Please be specific.
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