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A Systems Perspective

In: Predictive and Simulation Analytics

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  • Walter R. Paczkowski

    (Data Analytics Corp.)

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.

Suggested Citation

  • Walter R. Paczkowski, 2023. "A Systems Perspective," Springer Books, in: Predictive and Simulation Analytics, chapter 0, pages 27-46, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-31887-0_2
    DOI: 10.1007/978-3-031-31887-0_2
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