Question

Discussion Topic #1:

Descriptive, Prescriptive and Predictive Analytics

Distinguish Business Intelligence from Decision Support Systems.  

Research and distinguish Business Intelligence from Decision Support Systems.  Compare the three analytic styles: Descriptive, Prescriptive, and Predictive Analytics. Share the likeness and uniqueness with each style.

Answer 1

Q.1. Distinguish Business Intelligence from Decision Support Systems.  

Answer: Following is distinguish between Business intelligence and Decision Support Systems:

Business Intelligence:

• It includes different technology to analyse information to take business decision effectively,
• helps with automatically detect the errors,
• takes less time to process as computers do most of the work itself,
• applied to query, result, statistical analysis, etc

Decision Support Systems:

• it includes a system that will analyse the information for making decisions,
• helps in error detection and making appropriate decision,
• takes time to process principles and their implementation,
• applicable to sales orders, inventory control, planning of results, etc

Q.2. Compare the three analytic styles: Descriptive, Prescriptive, and Predictive Analytics.

Answer: Following is the comparison of Descriptive, Prescriptive, and Predictive Analytics:

1. Descriptive Analytics:
   • it relates to past data to understand about different trends,
   • it requires minimum or no coding,
   • examples: performance analysis, analysis of cash flow statement,etc
2. :Predictive Analytics
   • it relates to predicting future trends,
   • it predicts value of missing figures,
   • examples: credit score, analysis of sentiments, etc
3. Prescriptive Analytics:
   • ​​​​​​​it shows solution for future problems,
   • there techniques are evolving and have limited application,
   • examples: self driven car, etc