Everyone wants to know about the future – what to expect, how to act and most importantly, how to prepare. Prescriptive analytics involves finding the best course of action for a given situation. Similar to its cousins, descriptive analytics and predictive analytics that gathers historical facts and then encompasses a variety of statistical techniques that analyze them with current facts to make predictions about future. DATAVERSITY brought this information to us in their article, “Fundamentals of Prescriptive Analytics.”
Prescriptive analytics is often referred to as the final frontier of analytic capabilities. Prescriptive analytics incorporates both structured and unstructured data, and uses a combination of advanced analytic techniques and disciplines to predict, prescribe, and adapt.
The underlying concepts have been around for years hundreds even. The technology behind prescriptive analytics combines hybrid data, business rules with mathematical models and computational models. The data may be structured, which includes numbers and categories, as well as unstructured data, such as texts, images, sounds, and videos.
Melody K. Smith
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