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.

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

  • 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

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.