Prescriptive business intelligence; Third phase of business analytics
Prescriptive analytics is the third and final stage of business analytics dedicated to finding and suggesting (i.e., prescribing) the best decision options for a given situation. Prescriptive analytics encompasses the activities of (1) data collection and consolidation, (2) information extraction, (3) forecasting, (4) optimization, (5) visualization, and (6) what-if analysis for first making predictions and then, based on these predictions, (a) suggesting the most appropriate time-dependent decisions (i.e., prescriptions) and (b) illustrating the implications of each decision option.
- 2.Haas PJ, Maglio PP, Selinger PG, Tan WC. Data is dead… without what-if models. PVLDB. 2011;4(12):1486–9.Google Scholar
- 3.Basu A. Five pillars of prescriptive analytics success. Analytics Magazine; 2013. p. 812.Google Scholar
- 4.Šikšnys L, Pedersen TB, Solve DB. Integrating Optimization Problem Solvers Into SQL Databases. In: Proceedings of the 28th International Conference on Scientific and Statistical Database Management; 2016.Google Scholar