From the course: Business Analytics Foundations: Predictive, Prescriptive, and Experimental Analytics
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PSA best practices
From the course: Business Analytics Foundations: Predictive, Prescriptive, and Experimental Analytics
PSA best practices
- [Instructor] What are some of the best practices for prescriptive analytics? Analytics teams tend to skip prescriptive analytics and jump straight into implementation. Keep prescriptive analytics as a key step to your analytics program. Do not undermine it. Ensure that all relevant internal and environmental threats and constraints are considered while doing linear programming, decision analysis, and simulations. If key elements got missed out, then the analysis will not be accurate and relevant. Choose the right mathematical models for simulation. Do test runs to make sure that the simulation works as desired. Decision analysis requires contributions from multiple teams. Please ensure that all relevant parties participate in the analysis. When decisions are put into practice in the field, have a feedback and review mechanism to take the actual results, compare them with projected results, and identify any improvements required for the process or models.
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