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Hi,
1. How does prescriptive analytics relate to descriptive and predictive analytics?
2. Explain the differences between static and dynamic models. How can one evolve into the other?
3. What is the difference between an optimistic approach and a pessimistic approach to decision making under
assumed uncertainty?
4. Explain why solving problems under uncertainty sometimes involves assuming that the problem is to be solved
under conditions of risk.
5. What is the difference between decision analysis with a single goal and decision analysis with multiple goals (i.e., criteria)? Explain the difficulties that may arise when analyzing multiple goals.
Note : Minimum 3 pages with APA format
Explanation & Answer
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Running Head: QUESTIONS AND ANSWERS
Questions and Answers
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QUESTIONS AND ANSWERS
Questions and Answers
Question One
Descriptive, prescriptive, and predictive analyses are used by most organizations to
influence their decisions. Most organizations use data to drive their decisions. However, it is
essential to note that facts and figures are useless if it does not benefit the organization in terms
of insights. Descriptive analytics inform the organization about what happened in the past. This
analysis helps explain the performance of a business and helps when it comes to the
interpretation of information. This data can be in the form of graphs, reports, and charts. For
instance, in a healthcare institution, descriptive analysis can help inform how patients are
administered in the hospital and the waiting time.
Predictive analytics on the other hand informs on what is most likely to happen in the
future. It acts as a form of forecasting for the organization. These two are directly related to
prescriptive analytics. It explains the various actions that the business can use with the
information provided. This implies that the information gained from predictive and descriptive
analytics can be used to make decisions in the organization through prescriptive analytics.
Question Two
Static models and dynamic models are both used when it comes to business processes. It
is therefore important to understand these models and how one can evolv...
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