Question

Data are used in business to develop solutions and drive business results in different ways. Describe how your business or industry uses descriptive, predictive, and prescriptive analytics as part of the business. In replies to peers, provide analysis and additional alternatives to types of data used in analytics.

Answer 1

Prescription analysis is the third and final stage of business analysis, which includes description and forecast analysis.

The so-called "last front line of analytical ability" is an indicator that leads to the application of science, mathematics and mathematics and provides decision-making options to take advantage of analytical and predictive results. The first stage of business analysis is descriptive analysis, which today represents the majority of all business analysis. Description Describes an analysis of previous practices and understands the practice by extracting historical data to look for reasons for past successes or failures. Most management accounts, such as sales, marketing, operations, and finance, use post-mortem analysis.

The next stage is predictive analysis. Predictive analysis answers questions about what is likely to happen. This is when historical data is combined with algorithms and sometimes external data to determine the possible future outcome of an event or the possibility of a situation occurring. The final stage is the prescription analysis, which goes beyond predicting future results, also proposing actions to take advantage of the forecast and highlight the consequences of each solution.

Prescription analysis not only predicts what will happen and when it will happen, but also why it will happen. In addition, prescription analysis provides options for deciding how to take advantage of future opportunities or mitigate future risks and highlight the consequences of each solution. Prescription analysis can take the latest data for review and re-prescribing, thus improving the accuracy of automatic predictions and prescribing better decision-making options. Prescription analysis absorbs hybrid data, a combination of structure (category numbers) and unstructured data and business rules to predict what lies ahead and prescribe how to take advantage of the planned future by Do not compromise on other priorities.
The three-stage analysis can be performed through specialized services or technology or a combination. To scale, the analytical technologies described need to be adapted to take into account the increasing volume, speed, and variability of the data that the main mission process and their environment can generate.