The Different Types of Predictive Analytics and Solutions Process Discussion
Compare and contrast predictive analytics with prescriptive and descriptive analytics. Use examples. 300 words
Provide your reflective analysis on this post Predictive analytics -250 words
Predictive analytics describes the behavior of human beings and how a given event or process may be predicted with greater accuracy. Prescriptive analytics refers to the analysis of decisions made by people in managing an organization’s resources—those who must make that decision and provide that information to managers, employees, and other users of the organization (Bozic & Dimovski, 2019). Predictive Analytics is based on data mining methods, such as data mining, to find patterns in the data and to predict future behavior. Prescriptive Analytics is related to predictive analytics. It is also related to prescriptive analytics to determine who should prepare, how to prepare, and in what way to prepare for a new situation. The purpose of a predictive analytics methodology is to perform a quantitative analysis of large sets of data, such as demographic data and other industry data. Prescriptive analytics is about analyzing what action should be taken in a given situation to achieve an optimal outcome for the organization (Bozic & Dimovski, 2019).
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