What is Prescriptive Analytics?
Prescriptive Analytics uses data and algorithms to provide recommendations for ways to handle potential future situations.
Components of Prescriptive Analytics
- Data Collection
- Algorithmic Modeling
- Decision Analysis
Benefits of Prescriptive Analytics
Prescriptive Analytics helps in optimizing scheduling, production, and inventory management among other business operations.
If you’re interested in analytics, you might want to read about Cohort Analysis.