Question: Types of Analytics. Indicate which type of analytics ( descriptive , predictive, or prescriptive analytics ) each of the following represents. a . a data
Types of Analytics. Indicate which type of analytics descriptive predictive, or prescriptive analytics each of the following represents.
a a data dashboard
b a model that finds the production schedule that minimizes overtime
c a model that forecasts sales for the next quarter
d a bar chart
e a model that allocates your financial investments to achieve your financial goal
Transportation Planning. An analytics professional is asked to plan the shipment of a product for the next quarter. She employs the following process:
a For each of the distribution centers, she plots the quarterly demand for the product over the last three years.
b Based on the plot for each distribution center, she develops a forecasting model to forecast demand for next quarter for each distribution center.
c She takes the forecast for next quarter for each distribution center and inputs those forecasts, along with the capacities of the company's four factories and transportation rates from each factory to each distribution center, into an optimization model. The optimization model suggests a shipping plan that minimizes the cost of how to satisfy the forecasted demand from the company's four different factories to the distribution centers.
Describe the type of analytics being utilized in each of the three steps outlined above.
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