Understand the different classes of analytics—descriptive, predictive, and discovery— and be able to deliver prescriptive actions rather than analytics without action.
- [Voiceover] Hi, I'm Alan Simon and welcome to Foundations of Business Analytics Prescriptive Analytics. In this course, we'll look at how to take your organization to the final frontier of analytics and that's where today's exciting new big data and analytics technologies not only produce high value insights from all of your data, but they also drive critical actions based on those insights. I'll start by showing you a hypothetical example of two very similar companies, each of which has invested millions of dollars in the latest and greatest big data and analytics.
But despite these near identical profiles, one company has gone a step further and implemented a world class prescriptive analytics framework resulting in far superior analytics-driven actions than the other. Next we'll take a look at the entire continuum of different forms of analytics, descriptive, predictive, discovery, and of course prescriptive and how they all play a key role in getting your organization to the point where your big data and analytics investments deliver their maximum potential. We'll then look at the foundations of today's prescriptive analytics and why different approaches that companies tried in the past often fell short of true prescriptive analytics.
We'll drill into all of the key components of prescriptive analytics and take a look at plenty of everyday examples at various points along the prescriptive analytics workflow. We will also take a look at different ways you can promote the concept and value of prescriptive analytics in your organization and get your team started on the road to an era of using data to form critical insights to drive decisions and actions and as a result help you realize the greatest possible value out of your investments in today's and tomorrow's big data and analytics technologies.
Now let's get started with Foundations of Business Analytics Prescriptive Analytics.
- Exploring the analytics taxonomy
- Understanding prescriptive analytics fundamentals and workflow
- Looking at data warehousing and business intelligence
- Exploring big data
- Collecting and processing data
- Exploring triggering events
- Formulating business hypotheses
- Refining and enriching business hypotheses
- Reaching definitive conclusions
- Putting the finishing touches on prescriptive analytics