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What is Prescriptive Analytics

Chapter 1
Handbook of Research on Organizational Transformations through Big Data Analytics
Use of data to prescribe the best course of action for the future.
Published in Chapter:
Business Analytics and Big Data: Driving Organizational Change
Dennis T. Kennedy (La Salle University, USA), Dennis M. Crossen (La Salle University, USA), and Kathryn A. Szabat (La Salle University, USA)
Copyright: © 2015 |Pages: 11
DOI: 10.4018/978-1-4666-7272-7.ch001
Abstract
Big Data Analytics has changed the way organizations make decisions, manage business processes, and create new products and services. Business analytics is the use of data, information technology, statistical analysis, and quantitative methods and models to support organizational decision making and problem solving. The main categories of business analytics are descriptive analytics, predictive analytics, and prescriptive analytics. Big Data is data that exceeds the processing capacity of conventional database systems and is typically defined by three dimensions known as the Three V's: Volume, Variety, and Velocity. Big Data brings big challenges. Big Data not only has influenced the analytics that are utilized but also has affected technologies and the people who use them. At the same time Big Data brings challenges, it presents opportunities. Those who embrace Big Data and effective Big Data Analytics as a business imperative can gain competitive advantage.
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Chapter 66
Defining a Business-Driven Optimization Problem
A system-driven approach of problem solving. It includes a set of methods such as optimization which are independent of the historical data and are built based on a system objective(s) and constraints.
Published in Chapter: Defining a Business-Driven Optimization Problem; From: Encyclopedia of Business Analytics and Optimization
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Chapter 81
Data-Driven Clinical Decision Support Systems Theory and Research
Prescriptive analytics is a method of analyzing data and making recommendations on how to improve existing processes to meet a variety of predicted outcomes.
Published in Chapter: Data-Driven Clinical Decision Support Systems Theory and Research; From: Encyclopedia of Data Science and Machine Learning
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Chapter 6
A New Model for the Digital Transformation of the Strategic Procurement Function: A Case Study From the Aviation Industry
Identification and assessment of alternative possibilities to support advanced decision-making and thus business performance improvement, responding to the questions: What should I do to make it happen? and: Why should I do it? Prescriptive analytics entails a high level of data analytics maturity aimed at optimized decision making to underpin future business performance.
Published in Chapter: A New Model for the Digital Transformation of the Strategic Procurement Function: A Case Study From the Aviation Industry; From: Handbook of Research on Digital Transformation, Industry Use Cases, and the Impact of Disruptive Technologies
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Chapter 211
Supply Chain Analytics in the Era of Big Data
The analysis of data to prescribe the best course of action to take in the future.
Published in Chapter: Supply Chain Analytics in the Era of Big Data; From: Encyclopedia of Business Analytics and Optimization
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Chapter 157
In-Memory Analytics
After knowing the current state and the likelihood of the outcomes, prescriptive analytics concern is to provide guidance or advise on what an enterprise should do.
Published in Chapter: In-Memory Analytics; From: Encyclopedia of Information Science and Technology, Fourth Edition
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Chapter 5
Ethical Navigations: Adaptable Frameworks for Responsible AI Use in Higher Education
A type of analytics that uses technology to analyze data for factors such as possible situations and scenarios, past and present performance, and other resources to help organizations make better strategic decisions.
Published in Chapter: Ethical Navigations: Adaptable Frameworks for Responsible AI Use in Higher Education; From: Exploring the Ethical Implications of Generative AI
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