- ANALYTIC SOLVER PLATFORM SENSITIVITY ANALYSIS HOW TO
- ANALYTIC SOLVER PLATFORM SENSITIVITY ANALYSIS PROFESSIONAL
While the term prescriptive analytics was first coined by IBM and later trademarked by Ayata, the underlying concepts have been around for hundreds of years. Prescriptive analytics incorporates both structured and unstructured data, and uses a combination of advanced analytic techniques and disciplines to predict, prescribe, and adapt. 2.1 Unconventional Resource Development.One criticism of prescriptive analytics is that its distinction from predictive analytics is ill-defined and therefore ill-conceived. In order to scale, prescriptive analytics technologies need to be adaptive to take into account the growing volume, velocity, and variety of data that most mission critical processes and their environments may produce.
ANALYTIC SOLVER PLATFORM SENSITIVITY ANALYSIS PROFESSIONAL
Īll three phases of analytics can be performed through professional services or technology or a combination.
ANALYTIC SOLVER PLATFORM SENSITIVITY ANALYSIS HOW TO
Prescriptive analytics ingests hybrid data, a combination of structured (numbers, categories) and unstructured data (videos, images, sounds, texts), and business rules to predict what lies ahead and to prescribe how to take advantage of this predicted future without compromising other priorities. Prescriptive analytics can continually take in new data to re-predict and re-prescribe, thus automatically improving prediction accuracy and prescribing better decision options. Further, prescriptive analytics suggests decision options on how to take advantage of a future opportunity or mitigate a future risk and shows the implication of each decision option. Prescriptive analytics not only anticipates what will happen and when it will happen, but also why it will happen.
The final phase is prescriptive analytics, which goes beyond predicting future outcomes by also suggesting actions to benefit from the predictions and showing the implications of each decision option. This is when historical data is combined with rules, algorithms, and occasionally external data to determine the probable future outcome of an event or the likelihood of a situation occurring. Predictive analytics answers the question what is likely to happen. Prescriptive Analytics extends beyond predictive analytics by specifying both the actions necessary to achieve predicted outcomes, and the interrelated effects of each decision
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