Business Analytics Methods and Models Discussion

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Description

There are various methods and models within business analytics. These are categorized into descriptive, predictive, and prescriptive analytics.

  • The process of reducing data and summarizing historical data to make decisions from past behaviors is known as descriptive analytics.
  • With predictive analytics, both historical and recent data are examined to discover patterns and predict what might happen in the future.
  • Prescriptive analytics goes one step further by showing the outcome of what a particular plan of action might look like and the effect of future decisions that might be made based on the model and plan of action.

Instructions

Build a visualization (table, chart, infographic, etc.) showing the differences between descriptive, predictive, and prescriptive analytics. Keep in mind there are several tools used in each method and some may overlap.

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Explanation & Answer

Attached.

Running head: BUSINESS ANALYTICS

1

Business Analytics
Student’s Name
Professor’s Name
Course Title
Date

BUSINESS ANALYTICS

2
Business Analytics

Business organizations typically use three models of business analytics during decision
making to achieve their desired goals (Sun, Sun & Strang, 2018). These models are descriptive,
predictive and prescriptive analytics. The table below shows the differences between these models.
Descriptive Analytics
❖ It is used to analyze

Predictive Analytics
❖ It is used to forecast

Prescriptive Analytics
❖ It is used to sugg...


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