Prescriptive analytics: Difference between revisions

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Prescriptive analytics is the third and final phase of business analytics, which also includes descriptive and predictive analytics.<ref>{{cite journal|author1=Evans, James R.|author2=Lindner, Carl H. |name-list-style=amp |title=Business Analytics: The Next Frontier for Decision Sciences|journal=Decision Line|date=March 2012|volume=43|issue=2}}</ref><ref name=":0">{{Cite journal |last1=Basu |first1=Atanu |last2=Brown |first2=Scott |last3=Worth |first3=Tim |date=2019-10-25 |title=Predictive analytics in field service |url=http://pubsonline.informs.org/do/10.1287/LYTX.2010.06.03/full/ |journal=The Analytics Journey |language=en |doi=10.1287/lytx.2010.06.03|s2cid=242347282 }}</ref> Referred to as the "final frontier of analytic capabilities",<ref>{{Cite web |url=https://www.globys.com/2013/06/gartner-terms-prescriptive-analytics-%E2%80%9Cfinal-frontier%E2%80%9D-analytic-capabilities |title=Gartner terms Prescriptive Analytics as the "Final Frontier" of Analytic Capabilities &#124; Globys.com |access-date=2014-10-29 |archive-url=https://web.archive.org/web/20160402140918/http://globys.com/2013/06/gartner-terms-prescriptive-analytics-%E2%80%9Cfinal-frontier%E2%80%9D-analytic-capabilities |archive-date=2016-04-02 |url-status=dead }}</ref> prescriptive analytics entails the application of [[mathematical sciences|mathematical]] and [[computational science]]s and suggests decision options for how to take advantage of the results of descriptive and predictive phases.
 
The first stage of business analytics is descriptive analytics, which still accounts for the majority of all business analytics today.<ref>{{cite journal|last=Davenport, Tom |title=The three '..tives' of business analytics; predictive, prescriptive and descriptive|journal=CIO Enterprise Forum|date=November 2012}}</ref> Descriptive analytics looks at past performance and understands that performance by mining historical data to look for the reasons behind past success or failure. Most management reporting – such as [[sales]], [[marketing]], [[Business operations|operations]], and [[finance]] – uses this type of post-mortem analysis.
 
[[File:Three Phases of Analytics.png|thumb|right|Prescriptive Analytics extends beyond predictive analytics by specifying both the actions necessary to achieve predicted outcomes, and the interrelated effects of each decision.]]