A Systems Perspective

Walter R. Paczkowski
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Walter R. Paczkowski: Data Analytics Corp.

Chapter Chapter 2 in Predictive and Simulation Analytics, 2023, pp 27-46 from Springer

Abstract: Abstract One of the four themes of this book is that information is buried inside data: data per se are not information, but contain information which must be extracted. There are many extraction methods that can be grouped into classes as I have shown in Fig. 2.1. The two umbrella classes are Business Intelligence and Business Analytics. The former tells a decision maker what did or is currently happening. The latter tells him/her what will happen and, possibly, what should be done. These two classes are umbrella classes because each has more specific subclasses. Fig. 2.1 This illustrates a framework for information extraction methods. There is a hierarchical structure of the major extraction classes A classification chart. Information extraction methods lead to business intelligence and business analytics. Business intelligence leads to descriptive analysis. Business analytics further leads to simulation, prediction, and prescriptive analytics.

Date: 2023
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DOI: 10.1007/978-3-031-31887-0_2

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