Predictive Analytics Prescriptive and Descriptive Analytics

Predictive Analytics Prescriptive and Descriptive Analytics: Predictive analytics is identifie-d as the lowest level of the analytics maturity level. In this model, the critical function is to provide insights or information from the historical data (Deka, 2016). The data could be from a given point in the past to the present, and best displayed using graphs and charts for presentation. For example, company profits are outline-d by predictive analytics. In specifics, yearly input costs and overall sales are presented in graphs, hence providing the profit trends of the company. Shareholders then use the historical profit data in joining, rejecting, or exiting from the company, from the data insights. Again, the executive board can make a constructive decision on improving their sales based on the profit insights from the predictive analytics.

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Prescriptive analytics: Unlike predictive analytics, prescriptive is primarily based on the future instead of the past. However, it is dependent on predictive analytics for the historical insights, which aid in determining solutions or inventions for a better future (Soltanpoor, Sellis, 2016, September). In other words, prescriptive analytics provides suggestions to various promising actions as well as potential implications upon implementation. In this level, modeling of the response is done by simulation. For example, with this analytics, a company with a losing streak can have a model that works to improve customer satisfaction as a goal of improving sales. The model will perfectly outline various angles of changes either on brand quality or services that work towards improving consumption.

Prescriptive analytics:

Prescriptive analytics is a higher level in data analysis, which acts similarly as prescriptive analytics on forwarding thinking. This level builds on authoritarian actions, where it advances in making recommendations (Olson & Lauhoff, 2019). Technically, the level provides various criteria for a bad or good outcome. The outcome is provided by prescriptive algorithms used in computers. Additionally, in the current century, machines can be enable-d to execute the recommendations (predictive analytics prescriptive).