Prescriptive analytics is the third category of data analytics that focuses on finding the best solution in a scenario given the available data. Prescriptive analytics is related to both descriptive and predictive analytics but it emphasizes greater details rather than data monitoring.
Whereas, descriptive analytics focus on what has happened and predictive analytics on what might happen in the future, prescriptive analytics aims to find the best solution for a variety of choices.
Prescriptive analytics also empowers companies to make necessary decisions based on optimizing the results of future events and provide models and detail reports to study them. Prescriptive analytics collects data from both descriptive and predictive sources for its models and optimism them for the process of decision making.
This way of applying modern computing and optimization helps an organization on how each condition will affect your organization. It also measures the impact of the decision based on possible future outcomes.
Prescriptive analytics uses mathematics and computer science, using a variety of statistical methods to predict and prescribe possible decision patterns that could affect the business organization in multiple ways.
Prescriptive analytics suggests a hybrid model which is the combination of structured (numbers, categories) and unstructured (videos, audios, images, texts) and business rules to predict what lies ahead and how to take the advantage of this predicted future without causing any effect to present situation.
Technology has an ability to forecast the future of enterprise and predict the chances of failure or success of any business organisation. Earlier, people have to rely on small samples of data, simple questions and other ways to collect useful information. But now, everything is possible. All the data collected by any organisation has to … Read more
What do you mean by Prescriptive Analytics? As per the requirement of data analysis and depending on the stage of the workflow, there are mainly four kinds of analytics ? descriptive, diagnostic, predictive and prescriptive. All these analytics are interrelated and each of these analytics offers a different insight. These four kinds of analytics all … Read more
Prescriptive analytics is the last stage of business analytics. It helps to understand ? what should I do? Prescriptive analytics is a type of data analytics or business analytics.?Specifically, prescriptive analytics factors information or data about possible outcomes or scenarios, resources available, past performance, and current performance of the business, and suggests the best course … Read more
Application of Predictive Analytics in Business Predictive analytics has become an important concept in the field of data analytics, with interest rapidly raising during the past few years according to Google. Predictive Analytics has a wide application in Business. Predictive Analytics uses Historical Data, Machine Learning, Business Intelligence and Artificial Intelligence to predict and access … Read more
Prescriptive Analytics- Meaning and its Importance Prescriptive analytics is the third and final step in data analytics. Prescriptive analytics is also conferred to the final step of data capabilities, prescriptive analytics uses applications of statistics and mathematical modelling and algorithms and suggest business decisions options to take full advantages of descriptive and predictive analytics. But … Read more