Download - Prescriptive Analytics
Business intelligence
1 BI technologies provide historical, current and predictive views of business operations. Common
functions of business intelligence technologies are reporting, online
analytical processing, analytics, data mining, process mining, complex
event processing, business performance management, benchmarking, text mining,
predictive analytics and prescriptive analytics.
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Business intelligence Applications in an enterprise
1 Analytics – program that builds quantitative processes for a business to arrive at optimal decisions and to
perform business knowledge discovery. Frequently involves: data mining, process mining, statistical
analysis, predictive analytics, predictive modeling, business
process modeling, complex event processing and prescriptive analytics.
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Business analytics - Types of analytics
1 * Prescriptive analytics recommend decisions using optimization, simulation etc.
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Prescriptive analytics
1 'Prescriptive analytics' is the third and final phase of business analytics
Business analytics|(BA) which includes descriptive, Predictive
analytics|predictive and prescriptive analytics.
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Prescriptive analytics
1 Prescriptive analytics automatically synthesizes big data, multiple
disciplines of mathematical sciences and computational sciences, and
business rules, to make predictions and then suggests decision options to take advantage of the predictions
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Prescriptive analytics
1 The final phase is prescriptive analytics, which goes beyond
predicting future outcomes by also suggesting actions to benefit from the predictions and showing the
implications of each decision option
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Prescriptive analytics
1 Prescriptive analytics ingests hybrid data, a combination of structured
(numbers, categories) and unstructured data (videos, images,
sounds, texts), and business rules to predict what lies ahead and to
prescribe how to take advantage of this predicted future without compromising other priorities
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Prescriptive analytics
1 All three phases of analytics can be performed through professional
services or technology or a combination. In order to scale,
prescriptive analytics technologies need to be adaptive to take into
account the growing volume, velocity, and variety of data that
most mission critical processes and their environments may produce.
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Prescriptive analytics - History
1 The data inputs to prescriptive analytics may come from multiple sources: internal, such as inside a
corporation; and external, also known as environmental data
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Prescriptive analytics - Applications in healthcare
1 Multiple factors are driving healthcare providers to dramatically improve business
processes and operations as the United States healthcare industry embarks on the necessary migration from a largely fee-for service, volume-based system to a fee-for-
performance, value-based system. Prescriptive analytics is playing a key role to help improve the performance in a number of areas involving various stakeholders: payers,
providers and pharmaceutical companies.
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Prescriptive analytics - Applications in healthcare
1 Prescriptive analytics can help providers improve effectiveness of their clinical care
delivery to the population they manage and in the process achieve better patient satisfaction and retention. Providers can do better population health management
by identifying appropriate intervention models for risk stratified population
combining data from the in-facility care episodes and home based telehealth.
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Prescriptive analytics - Applications in healthcare
1 Prescriptive analytics can also benefit healthcare providers in their capacity planning by using analytics to leverage operational and
usage data combined with data of external factors such as economic data, population demographic trends and population health trends, to more accurately plan for future
capital investments such as new facilities and equipment utilization as well as understand the trade-offs between adding additional beds and expanding an existing facility versus building a
new one.
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Prescriptive analytics - Applications in healthcare
1 Prescriptive analytics can help pharmaceutical companies to expedite their
drug development by identifying patient cohorts that are most suitable for the
clinical trials worldwide - patients who are expected to be compliant and will not drop
out of the trial due to complications. Analytics can tell companies how much time and money they can save if they choose one patient cohort in a specific
country vs. another.https://store.theartofservice.com/the-prescriptive-analytics-toolkit.html
Prescriptive analytics - Applications in oil and gas
1 Prescriptive analytics software can help with both finding and producing oil and gas
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Prescriptive analytics - Applications in oil and gas
1 In the area of Health, Safety and Environment|Health, Safety, and
Environment, prescriptive analytics can predict and preempt incidents that can lead to reputational and
financial loss for oil and gas companies.
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Prescriptive analytics - Applications in oil and gas
1 Prescriptive analytics software can accurately predict prices by modeling
internal and external variables simultaneously and also provide
decision options and show the impact of each decision option.
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Prescriptive analytics - Applications in telecommunications and cable
1 Telecommunications industry|Telecom and cable companies have large field service
organizations to install, repair and resolve issues at customer sites, both in homes or at
businesses. Mastering field service operations is critical because field services
impact customer satisfaction, cost and Churn rate|churn. Prescriptive analytics enables
telecom and cable providers to dramatically improve effectiveness and efficiency of field
service operations.
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Prescriptive analytics - Further reading
1 * Bertolucci, Jeff, [ http://www.informationweek.com/big-data/news/big-data-analytics/prescrip
tive-analytics-and-big-data-nex/240152863 Prescriptive Analytics
and Data: Next Big Thing?] InformationWeek. (April 15, 2013).
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Prescriptive analytics - Further reading
1 * Basu, Atanu, [ http://www.analytics-magazine.org/march-april-2013/755-executive-edge-five-pillars-of-prescriptive-analytics-success Five Pillars of Prescriptive
Analytics Success] Analytics. (March / April 2013).
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Prescriptive analytics - Further reading
1 * Robert R. McCormick School of Engineering and Applied Science|
McCormick Northwestern Engineering [
http://www.analytics.northwestern.edu/analytics-examples/prescriptive-
analytics.html Prescriptive analytics is about enabling smart decisions
based on data].
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