Descriptive and Predictive Analysis Essay - 1219 Words

Descriptive Analytics is about describing the historical performance. By applying these techniques to the level of performance, information can be very specific to product, customer, channel, supplier and other key operational areas of focus. This will help validate data to be organized and be used in a repeatable process, in order to have confidence in the information and to make it actionable. This will help companies to evolve from â€Å"standard cost to serve† approach to â€Å"total cost to serve† approach thus identifying immediate cost and revenue opportunities and take confidant action to utilize them. Prescriptive Analysis is about identification of optimum business outcomes by combining historical data, mathematical models, variables,†¦show more content†¦Additional advantage of Big Data in future will be derived from blending the intelligence of the people who have deep understanding of operations, with the power of increased machine driven operational insights. Big data used well with the analytics techniques will provide the digital SCM with great answers and also provide valuable help in doing faster and better business in future’s data driven world. Tighter integration, management and analysis of these databases using big data can be helpful to improve efficiencies of inventory management, sales and distribution process and continuous monitoring of devices. Predictive maintenance of equipment is another benefit which will be given by modern supply chains using the Big Data Analytics. The Internet of Things: The Internet of Things (IoT, for short) is a phenomenon used to explain the scenario when everyday multiple objects are connected to the internet and participating together on a system, continuously sharing the information. It also means the convergence of conventional connected devices and smart appliances. Kevin Ashton coined the phrase Internet of Things while working for Procter Gamble in 1999. IoT is converting the physical world into a type of information system with sensors and actuators embedded in physical objects and linked through wired and wireless networks via Internet Protocol. As per a Gartner Report, the â€Å"Internet of Things† is forecast to reach 26 billionShow MoreRelatedPrescriptive Analysis : Moving Beyond Predictive Analysis Essay1196 Words   |  5 PagesPrescriptive 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 agreeRead MoreChapter 17 : A Theme Park1337 Words   |  6 Pagesâ€Å"business analytics†, some specific categories of business analytics include items like descriptive analytics, prescriptive analytics, and predictive analytics. Descriptive analytics involves exploring business activities that have happened or are in the process of occurring in the present. Prescriptive analytics, on the other hand refers to the exploration of these business activities happening in the future. Predictive analytics is used in the exploration of business activities that are more likelyRead MoreBusn312 Hw1A963 Words   |  4 PagesHomework 1a Multiple Choice Identify the choice that best completes the statement or answers the question. B 1. The essence of decision analysis is: |a. |breaking down complex situations into manageable elements. | |b. |choosing the best course of action among alternatives. | |c. |finding the root cause of why something has gone wrong. Read MoreThe Three Levels Of Analytics, Descriptive, Predictive, And Prescriptive1707 Words   |  7 Pageslevels of Analytics (Descriptive, Predictive, and Prescriptive). Give a brief example of how they might be used to solve business decisions. Descriptive: Descriptive Analytics, probably the most common type of analytics, is the process of describing and evaluating the historical data and recognizing patterns from samples. It serves as a foundation for more advanced analytics. An example of Descriptive Analytics would be discovering and reporting trends. Predictive: Predictive analytics uses dataRead MoreGender Discrimination - a Statistical Analysis1179 Words   |  5 PagesGender Discrimination: A Statistical Analysis Gender discrimination, or sex discrimination, may be characterized as the unequal treatment of a person based solely on that person s sex.  . It is apparent that gender discrimination is pervasive in the modern workplace, however, its presence and effects are often misrepresented and misunderstood. Statistical testing plays an important role in cases where the existence of discrimination is a disputed issue and has been used extensively to compare expectedRead MoreLong Distance Information Delivery1695 Words   |  7 Pagesand crunching down petabytes of big data down to useable information. The vast majority of business analytics for big data reduction generally fall into one of three classes. Descriptive analytics is the simplest class of data reduction, allowing condensation of big data into smaller pieces of information. This type of analysis is based on standard aggregate functions, and summarizes events that have already occurred. Its use in analyzing social media can involve any combination of thousands of possibleRead MoreThe Peoples Republic Of China Case Report1558 Words   |  7 Pagessystem in place that uses analytical methods to detect issues, present solutions, and provide the facts of the situation. There are three (3) main analytical methods in this process: explanatory, descriptive and predictive. Explanatory Analysis The Select Committee, using explanatory intelligence analysis, expounded upon the reasons believed to be why the PRC’s Ministry of State Security (MSS) pilfered US technological designs. The committee reported specific facts about the type of documents thatRead MoreGovernment Employees Services Division ( Gesd ) Essay1108 Words   |  5 Pageswhich can be customized to specific needs. In addition, Insight enables users to create dashboards that can aid the company’s executives in administering day-to-day operations and decision making. Insight has descriptive and predictive analytics capabilities. GESD employs the descriptive analytics technique when reporting the following: Statistics, distribution, and trends †¢ New hire demographics/trends. †¢ Employee diversity by ethnicity and race indicator, gender, disability code, and veteranRead MoreKey Performance Initiatives And Safety Performance1165 Words   |  5 Pagescompany’s PL, program and project performance, and can dramatically effect employee morale. Safety programs are a necessity in the industry and massive amounts of data are tracked on safety performance. Most of the data collected is used for descriptive analysis. 2. Describe how you could introduce analytics to this organization to make them Analytics Competitors. Analytics could be used on this safety data to improve performance and lower costs by identifying behavioral indicators and other situationRead MoreBusiness Intelligence And Marketing Analytics Essay1321 Words   |  6 Pagesthat provides a way of amassing data to find information primarily through asking questions, reporting, and online analytical processes. On the other hand, business analytics take advantage of statistical and quantitative data for explanatory and predictive modeling. Analytics focuses on solutions-oriented capabilities which create value and convert information into knowledge. Moreover, both business intelligence and analytics are going forward briskly. Organizations are now turning to these vehicles