Descriptive |
Predictive |
Prescriptive |
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It provides insights into the past to answer “what has happened” |
Understands the future to answer “what could happen” |
Suggest various courses of action to answer “what should you do” |
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Uses data aggregation and data mining techniques |
Uses statistical models and forecasting techniques |
Uses simulation algorithms and optimization techniques to advise possible outcomes |
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Example : An ice cream company can analyze how much ice cream was sold, which flavors were sold, and whether more or less ice cream was sold than the day before |
Example : An ice cream company can analyze how much ice cream was sold, which flavors were sold, and whether more or less ice cream was sold than the day before |
Example : Lower prices to increase the sale of ice creams, produce more/fewer quantities of a specific flavor of ice cream |
