Mike, excellent write-up! I have a quick question. I keep coming across the term diagnostic analytics (the why something happened?). I was curious as your thought about it being a 4th type of analytics.
Hi Peter. Thanks for the comment. I think diagnostic analytics is an important part of analytics. I've seen lots of good root-cause analytics projects-- they were some of my favorite ones. We used to say that root-cause analytics could automate the first 3 or 4 "why's" of the 5-why process. I think the circles encompassing descriptive and predictive analytics are like Venn diagrams-- there is a lot of overlap. So, you can either create another category for Diagnostic Analytics or realize that a lot of Descriptive and Predictive cover this.
Mike, excellent write-up! I have a quick question. I keep coming across the term diagnostic analytics (the why something happened?). I was curious as your thought about it being a 4th type of analytics.
Hi Peter. Thanks for the comment. I think diagnostic analytics is an important part of analytics. I've seen lots of good root-cause analytics projects-- they were some of my favorite ones. We used to say that root-cause analytics could automate the first 3 or 4 "why's" of the 5-why process. I think the circles encompassing descriptive and predictive analytics are like Venn diagrams-- there is a lot of overlap. So, you can either create another category for Diagnostic Analytics or realize that a lot of Descriptive and Predictive cover this.