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Answer 1 Comparing and Contrasting Predictive Analytics with Prescriptive and Descriptive Analytics Business intelligence will have different forms of analytics namely descriptive, prescriptive and predictive analytics. One common thing about these three aspects is that they are types of analytics in business intelligence. Even though they may appear to be independent, they inherently overlap, and the application of one will definitely lead to the application of the other (Sharda et al., 2020). With descriptive analytics, an organization is able to discuss whatever is happening within the organization. Such analytics would also help in identifying the typical underlying causes of various events, patterns or trends that will be taking place within the organization. They are also known as reporting analytics, as it is part of the data infrastructure that would help in developing reports, alerts and even queries using appropriate tools (Sharda et al., 2020). Predictive analytics, on the other hand, would help to determine whatever events are likely to happen or take place in the future. It is typically based on statistical and data mining techniques. If it’s about customer satisfaction, they will help in determining whether a customer can switch to another company or not (Sharda et al., 2020). Prescriptive analytics, finally, would help in determining whatever occurences are going on within an organization, analyze patterns and take part in the decision making processes for optimal solutions to be obtained. It would typically help in the optimization of the performance of any given system, and involves decision-making or giving recommendations (Sharda et al., 2020). All these types of analytics will be applied in different areas for the purposes of assisting an organization to utilize business intelligence to attain the set goals. References Sharda, R., Delen, D., & Turban, E. (2020). Analytics, data science and artifical intelligence (11th ed.). Pearsons Inc. —————————————————————————————————————————————- Answer 2 Predictivie Analysis As the name suggests, predictive analysis predicts the result based on the past data. This type of analysis is used to predict the future. Predictive analysis techniques are used in companies where a future state has to be predicted based on the data that is obtained from the past as well as the present. This helps the companies to be better prepared and equipped to adverse conditions and situations and helps in mitigating risks. Descriptive Analysis Descriptive analysis techniques are used to interpret the raw machine data and makes it readable to humans. It also involves converting some of the data and massaging it to remove unnecessary elements and make it ready for consumption for various analysis. Descriptive analysis techniques are also used to describe the events of the past, be it either in a raw format or a processed format in the form of tables and charts. Prescriptive Analysis As the name suggets, presictive analysis is used to prescribe various actions that could be performed by considering the available data in picture. These could provide guidelines for decision makers in an organization and helps them in making effective decision making. They also quantify the decisions that are to be made in the future and try to estimate the possible outcomes of it. References Akerkar, 2013 Advanced data analytics for business B. Akerkar (Ed.), Big data computing, CRC Press, Boca Raton (2013), pp. 373-397 Akter et al., 2019 S. Akter, R. Bandara, U. Hani, S.F. Wamba, C. Foropon, T. PapadopoulosAnalytics-based decision-making for service systems: A qualitative study and agenda for future research International Journal of Information Management, 48 (2019), pp. 85-95
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