Prescriptive analytics is a type of data analytics tool which “prescribes” a number of different possible actions and guides users towards a solution. Simply, this type of analytics is based on providing advice.
This type of analytics predicts multiple futures regarding what will happen and why it will happen, allowing companies to assess multiple possible outcomes based upon their actions. It can be used to make decisions on any time frame, from long term to immediate.
Prescriptive analytics use a combination of techniques and tools including
- Business rules
- Machine learning
- Computational modelling procedures.
These techniques are applied against input from many different data sets including historical and transactional data, real-time data feeds, and big data.
Other types of analytic models include:
- Predictive Analytics
- Descriptive Analytics
In Data Defined, we help make the complex world of data more accessible by explaining some of the most complex aspects of the field.
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