Question

Do not copy and paste answers from the web!!!!

In your own words, give an example of how a business would use each of the following type of business analytics:

a. Descriptive Analytics

b. Predictive Analytics

c. Prescriptive Analytics

Answer 1

a) descriptive analytics can be used to understand the pattern at times instance consider a product and the level of sales can be understood or studied by the descriptive analytics based on the seasonal data available and one can decide in which season it is being sold more.

2) predictive analytics can be used to identify the future and one example is that consider a costly good and with the predictive analytics one can estimate the demand for the next period so that it can produce accordingly and reduce its inventory cost

3) using the prescriptive analytics company can actually decide what marketing strategy can be implemented in selling of a particular good and which advertising method can be more better.