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Prescriptive Analytics

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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?

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?

Diagnostic analytics

Predictive analytics

Historical analytics

Prescriptive analytics (correct)

What can prescriptive analytics simulate to help organizations understand their level of risk and uncertainty?

<p>The probability of various outcomes</p> Signup and view all the answers

What do organizations require tools for in response to their internal and external environment?

<p>To understand current business processes and plan for future changes</p> Signup and view all the answers

Prescriptive Analytics

Choose a study mode

Podcast

Questions and Answers

What is prescriptive analytics used for?

What does prescriptive analytics consider when suggesting a course of action or strategy?

What is the opposite of descriptive analytics?

What can prescriptive analytics simulate to help organizations understand their level of risk and uncertainty?

What do organizations require tools for in response to their internal and external environment?

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