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Prescriptive Analytics 

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Prescriptive Analytics

Prescriptive analytics focuses on finding the best course of action in a scenario, given the available data. It’s related to both descriptive analytics and predictive analytics but emphasizes actionable insights instead of data monitoring.

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Prescriptive analytics is the third and final tier in modern, computerized data processing. These three tiers include:

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  • Descriptive analytics

  • Predictive analytics

  • Prescriptive analytics

Benefits of prescriptive analytics

  • Effortlessly map the path to success

  • Inform real-time and long-term business operations.

  • Spend less time thinking and more time doing

  • Reduce human error or bias

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Real-Life Application Of Perspective Analysis 

  • Oil and manufacturing – tracking fluctuating prices  

  • Manufacturing – improving equipment management, maintenance, price modelling, production and storage

  • Healthcare – improving patient care and healthcare administration by evaluating things such as rates of readmission and the cost-effectiveness of procedures

  • Insurance – assessing risk in regard to pricing and premium information for clients

  • Pharmaceutical research – identifying the best testing and patient groups for clinical trials.

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