Running a business can be a tricky affair. Accounting as an academia and even practice can be divided into several aspects, such as cost accounting, regular financial accounting, or even managerial accounting. Every company uses two kinds of expenses to help easy accounting and feasibility in business operations.
Predictive modeling of churn analysis and management aims at generating scores depicting the probability of the customers to churn out in future. Cost accounting is assayed one behooving practice to help the profits of the company peak while drawing a fiscally compatible budget, with an aim to regulate the finances of the company.
Instead, companies should go a step further and undertake the help of business analytics to translate business values into numbers. The predictive analytics techniques taught in this course utilize predictive modelling with the data about the customers recorded by computers and also guides business decisions.
This method is used, considering the changing financial position of the customers and their ability to pay. The use of national income accounting also enables a country to find out the market value of goods and services manufactured in the country for a specific time period.
To define the term: “Business analytics, one of the emerging fields in the data science, refers to the methods and various statistical and quantitative techniques used by an organization for informed decision making and business modeling”. It is the sum of money which has been credited into the accounting books of the company in advance.