BANA 002 [prelim]

Focuses on summarizing historical data to understand what happened in the past.

Uses statistical models, machine learning, and historical data to predict future outcomes.

Suggests the best course of action based on predictions. Combines optimization, simulations, and decision models to determine “what to do next."

Refers to the practice of using data and statistical methods to analyze, interpret, and generate insights for business decision-making. It consists of three main types: descriptive, predictive, and prescriptive analytics.

Plays a foundational role in understanding a business’ performance. It provides insights into past trends and helps organizations identify patterns, strengths, and areas for improvement.