Big Data Analytics: Descriptive Vs. Predictive Vs. Prescriptive - InformationWeek

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Big Data Analytics: Descriptive Vs. Predictive Vs. Prescriptive
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D. Henschen
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D. Henschen,
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1/2/2014 | 8:55:43 AM
Better examples for predictive analysis
The distinctions between descriptive, predictive and prescriptive are important, particularly since so many vendors are now throwing the term "analytics" around for things like reporting that really qualify as business intelligence. On predictive, a sentiment-analysis score isn't strictly descriptive as you're calculating a value that is your best guess at an individual's sentiment. But you're not really predicting something is going to happen, as in more classic examples of prediction such as customer churn or risk. Will X customer leave or will Y customer pay off a loan? Now that's a prediction. Prescriptive analytics go one step further, telling us what type of offer to sent to which churn candidate to promote retention or what loans to approve to maintain an acceptable level of risk.  
Laurianne
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Laurianne,
User Rank: Author
12/31/2013 | 10:43:22 AM
Prescriptive anlaytics
The way Wu defines prescriptive anlaytics could be especially helpful for describing this concept to line-of-business colleagues.


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