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Prescriptive Analytics
decision support that prescribes or recommends an action, rather than a forecast or a summary report. The recommendation is often based upon a quantitative model. Prescriptive analytics is considered by some the most advanced of the three categories of analytics. Vendors claim prescriptive analytics helps decision makers make informed, optimal, and feasible decisions that drive benefits, like additional profit, improved operational performance, and increased decision-making agility. Enterprise-wide deployment of prescriptive analytics models, like optimization models, and adopting a collaborative planning processes supposedly improves results. Prescriptive analytics is about finding the best course of action for a given situation.
Related Terms: descriptive and predictive analytics |