Business Intelligence Prescriptive Analytics Optimization & Simulation Discussion

User Generated

xakc1990

Business Finance

Description

Please answer the below 4 questions and the exercise# 4

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.

Exercise 4

Investigate via a Web search how models and their solutions are used by the U.S. Department of Homeland Security in the “war against terrorism.” Also investigate how other governments or government agencies are using models in their missions.(Minimum of 1 page)

The above 4 questions can be answered accordingly, no page restriction. But each question that is answered should have the in-text citation and references added in the reference page in an APA Format

Exercise 4 must be one full page, 1 peer reviewed reference, in-text citation mandatory

Total of 5 Peer reviewed references for the entire assignment

Make sure that all the references added are peer reviewed (references should not end with .com/wiki resources)

No plagiarism/Spinbot/Copy Paste/Synonymic words Please

APA Format, Running head, Times New Roman 12, Double spaced Paragraph

User generated content is uploaded by users for the purposes of learning and should be used following Studypool's honor code & terms of service.

Explanation & Answer

Attached. Please let me know if you have any questions or need revisions.

EXERCISE 4

1

Exercise 4
Name
Institution Affiliation
Date

EXERCISE 4

2

1) How does prescriptive analytics relate to descriptive and predictive analytics?
Prescriptive analytics is related to both descriptive and predictive analytics. By offering
meaning to help stakeholders view knowledge, descriptive analytics lets an organization explain
how it works. This can be in the form of visualizations of details such as diagrams, maps, studies,
and dashboards (Greasley, 2019). While descriptive analytics attempt to offer context into what
has occurred and predictive analytics support the model to predict what will happen, prescriptive
analytics, provided the known criteria, aims to decide the best answer or result among different
choices.
2) Explain the differences between static and dynamic models. How can one evolve into the
other?
The factor of time is not accounted for by a static model, whereas a dynamic model does
...


Anonymous
Just what I was looking for! Super helpful.

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