Perscriptive Analysis Preparation Practice Exams

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Description: Prescriptive Analysis is an advanced branch of data analytics that goes beyond describing past events or predicting future outcomes; it focuses on recommending specific actions to achieve desired results. Unlike descriptive or predictive analytics, which inform decision-makers about what has happened or what might happen, prescriptive analytics provides actionable guidance, often incorporating optimization techniques and complex algorithms. It uses data from multiple sources, such as historical performance, real-time sensors, and external market conditions, to generate actionable insights.Prescriptive Analysis relies heavily on mathematical modeling and computational algorithms, including linear programming, simulation, and decision analysis. By applying these techniques, it can evaluate multiple possible scenarios and suggest the best course of action under given constraints. For example, a supply chain manager could use prescriptive analytics to determine the optimal inventory levels while minimizing costs and avoiding stockouts, considering fluctuating demand and lead times.Prescriptive Analysis integrates predictive analytics as a key component because it needs forecasts of future events to make informed recommendations. The predictive models provide probabilities of different outcomes, which the prescriptive systems then use to evaluate potential strategies. For instance, a bank might predict the likelihood of loan defaults and then use prescriptive models to recommend risk-adjusted lending strategies.Prescriptive Analysis also incorporates business rules, expert knowledge, and real-time data to make decisions that align with organizational goals. Decision-makers can use these insights to automate routine choices or support complex strategic planning. In healthcare, for example, prescriptive analytics can recommend personalized treatment plans by considering patient history, genetic factors, and the latest medical research.Prescriptive Analysis faces challenges such as data qua
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Price: 19.99
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