Does the difference between predictive and prescriptive analytics matters? Why would predicting bankruptcy be considered predictive analysis and determining the breakeven sales be considered prescriptive analysis? (10 marks)
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Predictive analytics focuses on using historical data and statistical models to make predictions about future events or outcomes. It aims to answer questions like "What is likely to happen?" or "What is the probability of a certain event occurring?" In the case of Show more…
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(20 points). Predictive analytics in business is an important application of multiple regression analysis. Generally speaking, what is meant by predictive analytics? As a business owner, how could you use regression analysis and predictive analytics to increase your company's sales? "Predictive" does not mean predicting future. For example, if you have data for beginning of each month in 2018-2020, then to calculate the result for the middle of May 2018 you also use predictive analytics. Besides, some data do not depend on time at all.
Adi S.
Predictive analytics in business is an important application of multiple regression analysis. Generally speaking, what is meant by predictive analytics? As a business owner, how could you use regression analysis and predictive analytics to increase your company's sales?
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