SELECTION PATH OF ANALYTICAL MODEL
When solving a business question with the help of data, it is essential which analytical model is chosen. Each case to be solved requires a modelling system of its own kind and a certain set of variables. The question path of the attached diagram illustrates which models are suitable to be used in the case to be solved.
The storage, processing and use of data at a precise level require the right tools, databases and databanks. The range of various technologies related to the collection, storage, reporting, visualisation and analysis of data is wide, and new technologies and terms arise on a continuous basis. From the viewpoint of knowledge management, however, there are clear roles for the technologies used. For the vocabulary see here.
Advanced analytics refers to using data to explain phenomena that have taken place or to predict future events. While traditional reporting looks into history, modern analytical tools open a window to the future. Analytics is based on the use of mathematical models. The theoretical bases and uses of the models are varied. For the vocabulary see here.