Prescriptive Analytics: Enhancing Decision Making with Data
Prescriptive analytics is the advanced stage of business analytics that utilizes data, mathematical algorithms, and machine learning techniques to provide recommendations for decision-making. It goes beyond descriptive and predictive analytics by recommending the best course of action to achieve desired outcomes.
Importance in Decision Making
In an increasingly competitive landscape, decision-makers need more than just historical data and future predictions. They require actionable insights that can guide them in making strategic choices that drive success. This is where prescriptive analytics plays a pivotal role.