Join Wayne Winston for an in-depth discussion in this video On prescriptive analytics, part of Wayne Winston on Analytics.
While prescriptive analytics simply means, can we use data in analytics to prescribe…a course of action for a gir organization that will help that organization?…So let's look at some examples.…Okay, you go walk into your Whole Foods, or you walk into your…Kroger's or your supermarket and there's a…price for every product in that supermarket.…How did those prices come about?…The really smart grocery stores will use prescriptive…analytics to determine the price of the product.…In other words maybe…if they raise the price of…Cheerios…a nickel, they will make more money. If they cut the price of…Cheerios…nickel, maybe they will make more money.…
But, this is a vital importance to a super market that runs on 1% profit margins.…And so there are a lot of pricing…consultancies that use analytics to recommend optimal pricing.…Another example we talked about retirement planning earlier.…So can we prescribe based on your age and your risk tolerance.…How should you allocate your assets among, let's say,…bonds, treasury bills and US stocks in foreign stocks.…
- What is analytics?
- Predictive vs. prescriptive analytics
- What do you need to know to become an analytic professional?
- Looking at examples of good and bad metrics
- How mobile devices will shape analytics