Differentiate descriptive analytics, prescriptive analytics and predictive analytics. give at least one specific example how are these examples of analytics are used
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Differentiate descriptive analytics, prescriptive analytics and predictive analytics. give at least one specific example how are these examples of analytics are used
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- Under what conditions might a firm use multiple forecasting methods?Discuss why is predictive analytics analysis the next logical step in any business analytics (BA) process?Discuss how does the prescriptive analytics relate to descriptive and predictive analytics? Give one example for each. Note: Answers must be in your own words.
- Which part of the article showed the Descriptive analytics? Predictive analytics? Prescriptive analytics?The following should be considered: Consider if predictive analytics, such as the use of big data, would have succeeded in marketing if it had been used 15 years ago. Is there a reason why this is the case?OLAP use in descriptive analytics must be explained.
- What is the primary distinction between business intelligence and analytics?a. Step 1: Estimate the target population size using secondary sources. Provide a rationalefor how you determined each population size. Cite your sources.b. Step 2: Use the sample size calculator to determine an appropriate sample size for each scenario. Usethe market research standard for your confidence level. Use better than the marketresearch standard for your confidence interval. Adjust if your sample size is notrealistically attainable.c. Report your sample size statement. Your statement should read: "For this study, thetarget population size is estimated to be _____. The sample will be _____.At the ______ confidence level, this study will have a margin of error of +/- ____%."Scenario 1A study calls for your research firm to survey a sample of Disneyland employees.What is the role of data mining and predictive analytics in analytical CRM? Provide examples of how businesses use these techniques to improve customer relationships.