Principles of Descriptive, Predictive and Prescriptive Analytics

Question 1

What is descriptive analytics?

Answer 1

• Uses 🏛️ historical and 🔄 current data to identify 📈 trends and ❗ outliers
• To understand the data/ 🏗️structure, find ⚠️ issues early on

Question 2

What are the benefits of descriptive analytics?

Answer 2

I used summary statistics such as count and sum to:
1. Review data as an overview
2. Highlight successes
3. Inform decision-making
4. Track progress

Question 3

What is prescriptive analytics?

Answer 3

• 🏛️Historical and ⏰ realtime data and 📈 Models
• Recommended actions to achieve desired outcomes.

Question 4

Benefits of prescriptive analytics?

Answer 4

1. 🤔 Inform decision making
2. 💰 Save costs
3. ⚡ Improve efficiency
4. 🏞️ Streamline a process

Question 5

What is predictive analytics?

Answer 5

• forecasting future outcomes to identify trends/patterns that can predict what might happen

📈.e.g. regression or time series forecast

Question 6

What is a risk of predictive analytics?

Answer 6

1. Unreliable data leads to flawed predictions
2. Smaller data sets would have limited predictive power
3. Bias e.g. if training data not good representation of population
4. Force Majeur events unpredictable

Question 7

What is exploratory analytics?

Answer 7

• Free exploration of new correlations/trends 📈
• Without the need for specific questions (I had specific questions to answer though) ❓

Question 8

What are the benefits of predictive analytics?

Answer 8

1. Direction of variable/KPI ➡️
2. Targets/KPI setting🎯
3. Predict figures and act on it🎬
4. Better planning
5. Anticipating customer needs to improve satisfaction

Question 9

What Outcomes came from your Collibra BT/Acro Dashboard?

Answer 9

• Incr. Productivity 75% time saving
• Friendly competition
• Visually pleasing, interpretable feedback
• 155 “Candidate” Acros (now automated)
• Manufacture Least - deleted now