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    Predictive, Prescriptive and Descriptive Analytics

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    MacNicholas 7
    Descriptive analytics describes past events, predictive analytics predicts future outcomes, and prescriptive analytics suggests actions. Descriptive analytics uses reports and dashboards to explain what has happened in the past. Predictive analytics uses tools like data mining to predict likely future events. Prescriptive analytics uses optimization and decision modeling tools to provide a set of recommendations and actions that can effectively achieve recommended outcomes.

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    Predictive, Prescriptive and Descriptive Analytics

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    MacNicholas 7
    49 views4 pages
    Descriptive analytics describes past events, predictive analytics predicts future outcomes, and prescriptive analytics suggests actions. Descriptive analytics uses reports and dashboards to explain what has happened in the past. Predictive analytics uses tools like data mining to predict likely future events. Prescriptive analytics uses optimization and decision modeling tools to provide a set of recommendations and actions that can effectively achieve recommended outcomes.

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    Descriptive analytics describes past events, predictive analytics predicts future outcomes, and prescriptive analytics suggests actions. Descriptive analytics uses reports and dashboards to explain what has happened in the past. Predictive analytics uses tools like data mining to predict likely future events. Prescriptive analytics uses optimization and decision modeling tools to provide a set of recommendations and actions that can effectively achieve recommended outcomes.

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    Download as docx, pdf, or txt
    49 views4 pages

    Predictive, Prescriptive and Descriptive Analytics

    Uploaded by

    MacNicholas 7
    Descriptive analytics describes past events, predictive analytics predicts future outcomes, and prescriptive analytics suggests actions. Descriptive analytics uses reports and dashboards to explain what has happened in the past. Predictive analytics uses tools like data mining to predict likely future events. Prescriptive analytics uses optimization and decision modeling tools to provide a set of recommendations and actions that can effectively achieve recommended outcomes.

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    1

    Predictive, prescriptive and descriptive analytics

    Student’s Name

    Department, University

    Course Name

    Professor’s Name

    August 26, 2020


    2

    Predictive, prescriptive and descriptive analytics

    The descriptive analytics defines the nature of the event, and the prescriptive analytics

    suggests actions on the underlying business problem. On the other hand, predictive analytics

    determines the future outcome of the underlying problem after the prescriptions. Descriptive,

    predictive and prescriptive analytics is business analytics processes, or steps followed to bring a

    solution to a problem. The initial state is to describe or define the problem and is known as

    descriptive analytics. Descriptive analytics tries to explain what happens in the past. The

    description is done using most common tools such as business reports, dashboards, virtualization

    tools etc. The next state is to predict on what to do next after the business has been defined.

    Predictive analytics predicts the most likely event that will occur in the future in the underlying

    business situation. In predictive analytics, several measures that might be undertaken are defined

    using tools such as data mining, forecasting etc. to see future solutions. Lastly, the correct

    measure is determined in the prescriptive state using optimization, decision modelling,

    simulation tools etc. This stage gives a set of recommendations or actions that can be taken to

    provide effectively, recommended outcomes.

    Example

    An organization which is running might want to look at its problem to determine the

    future requirements. Descriptive analytics involves looking at the historical sales, financial

    statements, customer data, etc. using observations, surveys etc. Predictive analytics would be to

    determine the most likely sales to be achieved with a low number of salespersons. The number of

    sales can then be predicted using a specific number of salespersons using automated means such

    as data mining. The outcome might be the expected sales that can be made in the next year.

    Finally, prescriptive analytics can determine the source of sales using a wide range of factors.
    3

    The factors can be, the target customers, who are a potential customer, and even how to maintain

    customers. The prescriptive analytics help the sales department reach the company goals.
    4

    References

    Prescriptive Analytics vs Predictive Analytics | Proponent. (2020). Retrieved August 26 2020,

    from https://www.proponent.com/predictive-analytics-vs-prescriptive-

    analytics/#:~:text=So%2C%20the%20difference%20between%20predictive,can

    %20weigh%20against%20one%20another.

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