Last Updated on by
Prescriptive Analytics vs Predictive Analytics
There are several ways that enterprises use Data Science for their business growth and development. Data Science is being used to develop effective marketing campaigns, increase productivity, deliver customer centric products, effective resource usage, minimizing expenses and more. To be able to handle these operations, Data Scientists need to have the skills to analyze data in order to determine what works and what doesn’t, and they need to develop data models that would help in achieving the desired results.
Analytics can be classified into four categories, namely Descriptive Analytics, Diagnostic Analytics, Prescriptive Analytics, & Predictive Analytics. All three categories have their own uses. Predictive Analytics is the one of the most extensively big data analytics techniques that helps in generating predictive results whereas prescriptive, descriptive or diagnostic analytics only gives insights to why & and how certain actions have taken place on what should be done or what actions need to be done to effect the outcomes. You can now more in-depth about data analytics types with our Data Science Training in Hyderabad program.
Prescriptive Analytics vs Predictive Analytics:
Prescriptive form of analytics deals with specific factors that lead to the success or failure of a business. Examples of these factors include the supply of customers or the number of products sold.
Predictive analytics is more concerned with how these factors are related to current events and how they affect a business in future. Predictive Analytics can provide solutions that can be used to improve a business, reduce risk, and make money in the future.
The key reason why predictive analytics is very effective is because it can identify the data patterns that & and make decisions based on these patterns. This way, they can determine what types of changes are needed to bring about long-term success for a company and improve the quality of its business results.
Both these forms of analytics rely heavily on the accuracy of the data that is being analyzed. Know more in-depth about data analytics types by joining our Kelly Technologies Data Science Course in Hyderabad program.