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Understanding The Predictive & Prescriptive Form Of Analytics
With data having become the new oil that fuels the business development process, Data Science has become the engine that helps business enterprises in exploring the benefits of data to the full potential. The primary focus of analytics is set towards analyzing the data that is collected from different sources & extract actionable insight to improve business operations. To help in making accurate decisions out of data, there are four analytics disciplines namely Descriptive & Diagnostic Analytics and Predictive & Prescriptive Analytics.
Both Descriptive & Diagnostic form of analytics deals with fining answers to what has happened and why. On the other hand, Predictive & Prescriptive form of analytics focus on providing both insights & foresights to make accurate data driven decisions. You can develop skills in the latest techniques involving data analytics with our Data Science Training In Hyderabad program.
Let’s know in detail about Predictive & Prescriptive Form Of Analytics
- Predictive Analytics
This form of analytics will help us in finding what is likely to happen. For better accuracy in is results, Predictive Analytics makes use of outcomes form both descriptive and diagnostic analytics. The collected inputs will help it in detecting clusters and exceptions, and to predict future trends. For example by analyzing the sales data from the past two years, a retailer can predict the sales percentage of the coming year.
Predictive Analytics also makes use of advanced algorithms in Machine Learning & Deep Learning technologies to make accurate predictions. We should remember that data quality is one of the factors that would affect the accuracy of the results predicted.
- Prescriptive Analytics
This form of analytics will be playing a key role in determining what action to take to eliminate a future problem or take full advantage of a promising trend. For instance, by using Prescriptive Analytics, a company can enhance their sales by analyzing customer analytics and sales history. This form of analytics also makes use of algorithms in Machine Learning & considers both historical & preset data for analysis.
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