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Questions and Answers
What is prescriptive analytics used for?
What is prescriptive analytics used for?
- To analyze raw data without using technology
- To predict future outcomes based on averages
- To provide historical summaries of business data
- To help businesses make better decisions through data analysis (correct)
What does prescriptive analytics consider when suggesting a course of action or strategy?
What does prescriptive analytics consider when suggesting a course of action or strategy?
- Possible situations or scenarios, available resources, past performance, and current performance (correct)
- Competitor strategies and pricing models
- Customer demographics and market trends
- Only immediate time horizon factors
What is the opposite of descriptive analytics?
What is the opposite of descriptive analytics?
- Diagnostic analytics
- Predictive analytics
- Historical analytics
- Prescriptive analytics (correct)
What can prescriptive analytics simulate to help organizations understand their level of risk and uncertainty?
What can prescriptive analytics simulate to help organizations understand their level of risk and uncertainty?
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What do organizations require tools for in response to their internal and external environment?
What do organizations require tools for in response to their internal and external environment?
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