1. For the Vista beans and Fletcher assignment, I used a combination of descriptive and prescriptive analytics....
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For the Vista beans and Fletcher assignment, I used a combination of descriptive and prescriptive analytics. Descriptive analytics provides "insight into what has happened" (Expert, 2022) and prescriptive analytics "advises on one or more possible outcomes" (Expert, 2022). For both assignments, I utilized 1-3 years of the companies past sales and profit data to create visualizations of profit ratios by total sales, geography, product, market and region. I utilized a variety of visualizations including geographical mapping, line charts and bar charts. These descriptive analytics were then used to inform prescriptive analytics to determine possible outcomes for the future. Utilizing Tableau, I was able to determine what aspects of the available descriptive analytics would be most beneficial to assist with my recommendations for improvements. The benefit to prescriptive analytics is the flexibility to offer a variety of recommendations. For business decision making, it is important to incorporate multiple factors into decision making to ensure a thorough analysis. In these cases, based on the prescriptive analytics, I was able to offer recommendations that included changes to product and inventory management, management performance, price stabilization and changes to operational oversight. Overall I found the flexibility of prescriptive analytics empowering as a decision maker. This process can be updated and changed as needed for change management strategies and implementation. Thank you, Kimberly References: Expert, A. L. S. C. (2022c, February 2). Descriptive, Predictive and Prescriptive Analytics Explained. Logility. Retrieved April 15, 2023, from https://www.logility.com/blog/descriptive-predictive-and-prescriptive-analytics- explained/ For the Vista beans and Fletcher assignment, I used a combination of descriptive and prescriptive analytics. Descriptive analytics provides "insight into what has happened" (Expert, 2022) and prescriptive analytics "advises on one or more possible outcomes" (Expert, 2022). For both assignments, I utilized 1-3 years of the companies past sales and profit data to create visualizations of profit ratios by total sales, geography, product, market and region. I utilized a variety of visualizations including geographical mapping, line charts and bar charts. These descriptive analytics were then used to inform prescriptive analytics to determine possible outcomes for the future. Utilizing Tableau, I was able to determine what aspects of the available descriptive analytics would be most beneficial to assist with my recommendations for improvements. The benefit to prescriptive analytics is the flexibility to offer a variety of recommendations. For business decision making, it is important to incorporate multiple factors into decision making to ensure a thorough analysis. In these cases, based on the prescriptive analytics, I was able to offer recommendations that included changes to product and inventory management, management performance, price stabilization and changes to operational oversight. Overall I found the flexibility of prescriptive analytics empowering as a decision maker. This process can be updated and changed as needed for change management strategies and implementation. Thank you, Kimberly References: Expert, A. L. S. C. (2022c, February 2). Descriptive, Predictive and Prescriptive Analytics Explained. Logility. Retrieved April 15, 2023, from https://www.logility.com/blog/descriptive-predictive-and-prescriptive-analytics- explained/
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Analytics Data Science And Artificial Intelligence Systems For Decision Support
ISBN: 9781292341552
11th Global Edition
Authors: Ramesh Sharda, Dursun Delen, Efraim Turban
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