Question: There are various methods and models within business analytics. These are categorized into descriptive, predictive, and prescriptive analytics. The process of reducing data and summarizing
There are various methods and models within business analytics. These are categorized into descriptive, predictive, and prescriptive analytics.
- The process of reducing data and summarizing historical data to make decisions from past behaviors is known as descriptive analytics.
- With predictive analytics, both historical and recent data are examined to discover patterns and predict what might happen in the future.
- Prescriptive analytics goes one step further by showing the outcome of what a particular plan of action might look like and the effect of future decisions that might be made based on the model and plan of action.
Build a visualization (table, chart, infographic, etc.) showing the differences between descriptive, predictive, and prescriptive analytics. Keep in mind there are several tools used in each method and some may overlap. These tools and examples of each method can also be found in Chapter 12. Explain the purposes of each data processing method.
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
