{"id":5233,"date":"2016-05-07T11:02:48","date_gmt":"2016-05-07T16:02:48","guid":{"rendered":"http:\/\/www.ssc.wisc.edu\/~jfrees\/?page_id=5233"},"modified":"2016-05-10T19:35:33","modified_gmt":"2016-05-11T00:35:33","slug":"what-is-analytics","status":"publish","type":"page","link":"https:\/\/users.ssc.wisc.edu\/~ewfrees\/loss-data-analytics\/introduction-to-loss-data-analytics\/relevance-of-analytics\/what-is-analytics\/","title":{"rendered":"What is Analytics?"},"content":{"rendered":"<p>Insurance is a data-driven industry and analytics is a key to deriving information from data. But what is analytics? Making data-driven business decisions has been described as &#8220;business analytics,&#8221; &#8220;business intelligence,&#8221; and &#8220;data science.&#8221; These terms, among others, are sometimes used interchangeably and sometimes used separately, referring to distinct domains of applications. As an example of such distinctions, <em>business intelligence<\/em> may focus on processes of collecting data, often through databases and data warehouses, whereas <em>business analytics<\/em> utilizes tools and methods for statistical analyses of data. In contrast to these two terms that emphasize business applications, the term <em>data science<\/em> can encompass broader applications in many scientific domains. <\/p>\n<p>For our purposes, we use the term <em>analytics<\/em> to refer to the process of using data to make decisions. This process involves gathering data, understanding models of uncertainty, making general inferences, and communicating results. <\/p>\n<p><div class=\"alignleft\"><a href=\"https:\/\/users.ssc.wisc.edu\/~ewfrees\/loss-data-analytics\/introduction-to-loss-data-analytics\/relevance-of-analytics\/\" title=\"1.1 Relevance of Analytics\">&#9668 Previous page<\/a><\/div><div class=\"alignright\"><a href=\"https:\/\/users.ssc.wisc.edu\/~ewfrees\/loss-data-analytics\/introduction-to-loss-data-analytics\/relevance-of-analytics\/short-term-insurance\/\" title=\"Short-term Insurance\">Next page &#9658<\/a><\/div><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Insurance is a data-driven industry and analytics is a key to deriving information from data. But what is analytics? Making data-driven business decisions has been described as &#8220;business analytics,&#8221; &#8220;business intelligence,&#8221; and &#8220;data science.&#8221; These &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":5227,"menu_order":1,"comment_status":"closed","ping_status":"closed","template":"","meta":{"jetpack_post_was_ever_published":false},"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/P8cLPd-1mp","acf":[],"_links":{"self":[{"href":"https:\/\/users.ssc.wisc.edu\/~ewfrees\/wp-json\/wp\/v2\/pages\/5233"}],"collection":[{"href":"https:\/\/users.ssc.wisc.edu\/~ewfrees\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/users.ssc.wisc.edu\/~ewfrees\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/users.ssc.wisc.edu\/~ewfrees\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/users.ssc.wisc.edu\/~ewfrees\/wp-json\/wp\/v2\/comments?post=5233"}],"version-history":[{"count":3,"href":"https:\/\/users.ssc.wisc.edu\/~ewfrees\/wp-json\/wp\/v2\/pages\/5233\/revisions"}],"predecessor-version":[{"id":5377,"href":"https:\/\/users.ssc.wisc.edu\/~ewfrees\/wp-json\/wp\/v2\/pages\/5233\/revisions\/5377"}],"up":[{"embeddable":true,"href":"https:\/\/users.ssc.wisc.edu\/~ewfrees\/wp-json\/wp\/v2\/pages\/5227"}],"wp:attachment":[{"href":"https:\/\/users.ssc.wisc.edu\/~ewfrees\/wp-json\/wp\/v2\/media?parent=5233"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}