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Business Analytics Descriptive Predictive Prescriptive

Predictive analytics has its roots in the ability to predict what might happen. Prescriptive analytics is a combination of data and various business rules.

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At different stages of business analytics a huge amount of data is processed and depending on the requirement of the type of analysis there are 5 types of analytics descriptive diagnostic predictive prescriptive and cognitive analytics.

Business analytics descriptive predictive prescriptive. Prescriptive analysis explores several possible actions and suggests actions depending on the results of descriptive and predictive analytics of a given dataset. Whether you rely on one or all of these types of analytics you can get an answer that. Of diagnostic predictive descriptive and prescriptive analytics the latter is the most recent addition to the business intelligence landscape.

Use descriptive analytics when you need to understand at an aggregate level what is going on in your company and when you want to summarize and describe different aspects of your business. Forward thinking organizations use a variety of analytics together to make smart decisions that help your businessor in the case of our hospital example save lives. Predictive analytics and prescriptive analytics use historical data to forecast what will happen in the future and what actions you can take to affect those outcomes.

These tools enable companies to view potential decisions and based on both current and historical data follow them through to a likely outcome.

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