Question: Define analytics. Explain the difference between descriptive, predictive, and prescriptive analytics. Read the scenarios provided below. For each scenario, determine if it is an example

  • Define analytics.
  • Explain the difference between descriptive, predictive, and prescriptive analytics.
  • Read the scenarios provided below. For each scenario, determine if it is an example of descriptive, predictive, or prescriptive analytics. Explain why?

    • Imagine yourself as a sales executive at an office supply retailer (such as Office Depot). You are preparing for an important conference call with sales managers nationwide.

      • To compare and contrast sales performance across regions and over time, what type of analytics descriptive, predictive, or prescriptive would the sales team require, and why?
      • Based on historical sales, you and your team will generate a forecast of regional and national sales for the next 2 quarters. What kind of analytics would the sales team require to generate such a forecast, and why?
      • You and your team will brainstorm price discounts to be announced ahead of the upcoming holiday season. What type of analytics would the sales team require to determine the appropriate level of sales discounts, and why?
      • To determine the best possible shipping plan for moving top-selling products from warehouses to store locations, what type of analytics would the sales team require and why?

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