Descriptive Analysis Prescriptive Analytics - 1218 Words

Prescriptive analytics provides the instruction of what to do – and—just as importantly – —what not to do when analytical models are deployed into production environments. Defined as decisions, they are applied to scenarios where there are too many options, variables, constraints, and data for a person to evaluate without assistance from technology. These prescriptive decisions are presented to the front-line worker – —providing the answer they seek, and accounting for the detailed aspects of the scenario that they find themselves in. For example, call center personnel often rely on prescriptive analytics to know the appropriate options, amount, and under what conditions, a prospective customer can be extended varying levels of credit. Prescriptive analytics also provides organizations with the ability to automate actions, based on these codified decisions. Every organization has simple, day-to-day decisions that occur hundreds to thousands of times (or more), and which that don’t have to require human intervention. For example, the identification and placement of a targeted advertisement based on a web shopper’s session activity is popular in the retail industry. In such cases, prescriptive analytics is used to ingest, define, and take the optimal action (for examplee.g., place the most relevant ad) based on scenario conditions (in our example, what has been viewed and clicked on during the session). What is optimal, for the purposes of this paper, is defined as anShow MoreRelatedPrescriptive Analysis : Moving Beyond Predictive Analysis Essay1196 Words   |  5 PagesPrescriptive Analysis – Moving beyond Predictive Analysis Big Data is becoming more meaningful with the ever more powerful data technologies, which enable us to derive insights from the data and help us make decisions. Big Data also creates new courses and professional fields such as the data science and data scientist, which are aimed at analyzing the ever growing volume of data. Some might think this exaggerated because data analysis, after all, not a new invention. However, we might all agreeRead MorePrescriptive Analytics : Descriptive Analytics1262 Words   |  6 Pages Prescriptive Analytics Prescriptive Analytics has been hailed as the final piece of the business analytics (BA) puzzle. It starts with descriptive analytics - describing what HAS happened and why; next is predictive analytics - forecasting what MIGHT happen; Prescriptive Analytics aims to offer insight into what ACTIONS to take next, suggesting the best course of action among available choices. 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