Prescriptive Analytics Descriptive Analytics - 1262 Words

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. If your organization has yet to formulate a plan to utilize Prescriptive Analytics in your business intelligence systems, don t feel left out - yet. According to a recent Gartner study, only 3% of organizations are using it currently. However, that percentage is expected to grow rapidly. Organizations taking advantage of the impacts that Prescriptive Analytics offers will enjoy a distinct advantage in their industry. Building a Prescriptive Analytics Model Prescriptive Analytics is very process-intensive. Historical data, business rule algorithms, computational modeling techniques, constraints and variables, and machine learning algorithms are combined to prescribe optimum business outcomes. For best results, a combination of structured and unstructured data sets should be used. Advancements in computing power, along with the development of our sophisticated mathematical algorithms, make Prescriptive Analytics available today. Some of the methods used in Prescriptive Analytics include optimization, simulation, game theory and decision-analysis techniques. Where canShow MoreRelatedDescriptive Analysis : Prescriptive Analytics1218 Words   |  5 PagesPrescriptive 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 ofRead MoreThe Three Levels Of Analytics, Descriptive, Predictive, And Prescriptive1707 Words   |  7 Pageslevels of Analytics (Descriptive, Predictive, and Prescriptive). Give a brief example of how they might be used to solve business decisions. Descriptive: Descriptive Analytics, probably the most common type of analytics, is the process of describing and evaluating the historical data and recognizing patterns from samples. It serves as a foundation for more advanced analytics. An example of Descriptive Analytics would be discovering and reporting trends. Predictive: Predictive analytics uses dataRead MoreGovernment Employees Services Division ( Gesd ) Essay1108 Words   |  5 Pageswarehouse and a decision support/business analytic system called Insight which combines multiple data sources mentioned above into one reporting system so that users can easily retrieve data and perform strategic reporting. Insight Benefits Insight is a user-friendly environment and it offers sophisticated reporting and business intelligence. It contains integrated data and users are able to view data in a consolidated format. This provides flexible analytics to drive strategic business decisionsRead MorePrescriptive 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. 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Business analytics are the future of theRead MoreData Analytics And Analysis : Data Science1619 Words   |  7 PagesData analytics and analysis are often used in conjunction with one another, and can be applied in variety of situations, enterprises, and domains. Data analytics and analysis often fall under the umbrella of data science, which is the discipline associated with structured and unstructured data [1]. However, there are altering views of what each term represents, as well as how they are interrelated. One source describes analytics as a sub set of analysis, with analysis being the larger entity [2].Read MoreLong Distance Information Delivery1695 Words   |  7 Pagesintroduced a permanent paradigm shift in the way we communicate. But the biggest challenge for market participants that seek to glean actionable information from social media is filtering through the â€Å"noise†. This report explores how Big Data analytics offer a new generation of tools for financial services participants in their search to decipher social media’s chatter. One Friday in late March of 2015, just before the stock market close, an options trader made what may may have been his or herRead MoreKey Performance Initiatives And Safety Performance1165 Words   |  5 Pages1. Using an example from your organization (current, past, future, hypothetical, or other) provide a brief description of an organization and business scenario where you could use analytics to solve a business problem. The organization where I work is in the construction industry. We are involved in projects from cradle to grave. One of our key performance initiatives is safety. Safety performance directly impacts the company’s PL, program and project performance, and can dramatically effect employeeRead MoreBig Data And Analytics Analysis1316 Words   |  6 Pages BIG DATA AND ANALYTICS: The emergence of new technologies, applications and network systems makes it hard to run the current business models and huge data types, and thus emerged various types of analytic tools like Big Data, which make this work easier by way of proper organization of data. Big Data is all about analyzing different forms of data (Structured, Semi-structured and Un-structured) and it is not about the procedure, creation or consumption of data. Definition of BigRead MoreChapter 17 : A Theme Park1337 Words   |  6 PagesChapter 17 is essentially all about â€Å"Business Analytics†, and what it comprises of are, are six specific segments. This chapter opens up with a brief story about a theme park, named WaldoLands. The theme park uses the characters from the Waldowood stories as their mainstay theme as well as overall design. However, a note of interest is that in their last major tourist season, they encountered issues like the breakdowns of rides, and poor customer service with respect to taking too much time to serve