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Prescriptive Analysis : Moving Beyond Predictive Analysis Essay

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Prescriptive Analysis – Moving beyond Predictive Analysis Big Data is becoming more meaningful with the ever more powerful data technologies, which enable us to derive insights from the data and help us make decisions. Big Data also creates new courses and professional fields such as the data science and data scientist, which are aimed at analyzing the ever growing volume of data. Some might think this exaggerated because data analysis, after all, not a new invention. However, we might all agree that the progress of digitization associated with the generation of ever larger amounts of data have totally changed the ways we deal with data. Approaches for data analysis After collecting the data, you will be faced with challenges to clean and analyze it with appropriate methods in order to derive meaningful conclusions from the data. For example, you will need to structure the individual data processing and analysis steps and to automate and eventually provide the results for implementation. Without the right data analysis methods, tools and other necessary resources, you will not be able to exploit the potential knowledge in the data. Data analysis in the enterprise can be roughly divided into three types: • Descriptive analysis – what has happened? • Predictive analysis – what could happen? • Prescriptive analysis – what should we do? These three types of analysis have one common interest - to enable a better understanding of the events, a business, to make the best

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