Create a discussion thread (with your name) and answer the following question:
Discussion 1 (Chapter 1): Compare and contrast predictive analytics with prescriptive and descriptive analytics. Use examples.
Note: The first post should be made by today 5PM CST I am looking for active engagement in the discussion. Please engage early and often.
Your response should be 250-300 words. Respond to two postings provided by your classmates.
There must be at least one APA formatted reference (and APA in-text citation) to support the thoughts in the post. Do not use direct quotes, rather rephrase the author’s words and continue to use in-text citations.
Compare and contrast predictive analytics with prescriptive and descriptive analytics. Use examples.
Welcome to the course guys, I hope you are having a wonderful day into week 1 for our course. Please allow me to share with you supplemental information around this question, as you are getting ready to share your perspective to compare and contrast the predictive analytics with prescriptive and descriptive analytics.
Predictive analytics is the use of statistical techniques and data mining to determine what is likely to happen in the future. Businesses use predictive analytics to forecast whether customers are likely to switch to a competitor, what customers are likely to buy, how likely customers are to respond to a promotion, and whether a customer is credit-worthy. Sports teams have used predictive analytics to identify the players most likely to contribute to a team’s success.
On the other hand, prescriptive analytics is a set of techniques that use descriptive data and forecasts to identify the decisions most likely to result in the best performance. Usually, an organization uses prescriptive analytics to identify the decisions or actions that will optimize the performance of a system. Organizations have used prescriptive analytics to set prices, create production plans, and identify the best locations for facilities such as bank branches.