Updated:

Descriptive, Prescriptive and Predictive Analytics Essay

Exclusively available on Available only on IvyPanda® Made by Human No AI

Decision Support Systems and Business Intelligence

The business environment is very changeable, and therefore it is necessary to constantly collect and analyze a large amount of data for making successful decisions in such circumstances. In this case, various tools and systems are helpful in supporting the work of managers and analysts. Decision support systems (DSS) are part of business intelligence (BI) and help companies make decisions based on available data (Olavsrud, 2020). At the same time, Sharda et al. (2018) note that DSS and BI are content-free expressions, which implies that their meaning may differ for people. Nevertheless, definitions can be presented that provide insights into these phenomena. DSS is an information system that analyzes a large amount of data from various sources to support quality solutions (Olavsrud, 2020; Sharda et al., 2018). Business analytics is an umbrella term for services, applications, and technologies for data collection, storage, and analysis (Olavsrud, 2020; Sharda et al., 2018). These systems and tools are essential for organizations operating in a business environment.

Analytics Types

The process of developing informed decisions is called analytics, and depending on its stage or level, three types are distinguished. Descriptive analytics is the first step in the process, and it involves analyzing historical data to understand the current situation, past successes, and failures. The second stage, predictive analytics, focuses on what may happen in the future, combining historical data and predictive models and algorithms. As a third phase, prescriptive analytics combines historical data and probable predictions to provide guidance on a particular solution (Sharda et al., 2018). In the latter case, the user can get several variants of events and their potential consequences. Therefore, analytics provides significant value and support in decision-making and is widely used in business.

References

Olavsrud, T. (2020). Decision support systems: Sifting data for better business decisions. CIO. Web.

Sharda, R., Delen, D., & Turban, E. (2018). Business intelligence, analytics, and data science: A managerial perspective (4th ed.). Pearson.

More related papers Related Essay Examples
Cite This paper
You're welcome to use this sample in your assignment. Be sure to cite it correctly

Reference

IvyPanda. (2023, March 16). Descriptive, Prescriptive and Predictive Analytics. https://ivypanda.com/essays/descriptive-prescriptive-and-predictive-analytics/

Work Cited

"Descriptive, Prescriptive and Predictive Analytics." IvyPanda, 16 Mar. 2023, ivypanda.com/essays/descriptive-prescriptive-and-predictive-analytics/.

References

IvyPanda. (2023) 'Descriptive, Prescriptive and Predictive Analytics'. 16 March.

References

IvyPanda. 2023. "Descriptive, Prescriptive and Predictive Analytics." March 16, 2023. https://ivypanda.com/essays/descriptive-prescriptive-and-predictive-analytics/.

1. IvyPanda. "Descriptive, Prescriptive and Predictive Analytics." March 16, 2023. https://ivypanda.com/essays/descriptive-prescriptive-and-predictive-analytics/.


Bibliography


IvyPanda. "Descriptive, Prescriptive and Predictive Analytics." March 16, 2023. https://ivypanda.com/essays/descriptive-prescriptive-and-predictive-analytics/.

If, for any reason, you believe that this content should not be published on our website, please request its removal.
Updated:
This academic paper example has been carefully picked, checked and refined by our editorial team.
No AI was involved: only quilified experts contributed.
You are free to use it for the following purposes:
  • To find inspiration for your paper and overcome writer’s block
  • As a source of information (ensure proper referencing)
  • As a template for you assignment
Privacy Settings

IvyPanda uses cookies and similar technologies to enhance your experience, enabling functionalities such as:

  • Basic site functions
  • Ensuring secure, safe transactions
  • Secure account login
  • Remembering account, browser, and regional preferences
  • Remembering privacy and security settings
  • Analyzing site traffic and usage
  • Personalized search, content, and recommendations
  • Displaying relevant, targeted ads on and off IvyPanda

Please refer to IvyPanda's Cookies Policy and Privacy Policy for detailed information.

Required Cookies & Technologies
Always active

Certain technologies we use are essential for critical functions such as security and site integrity, account authentication, security and privacy preferences, internal site usage and maintenance data, and ensuring the site operates correctly for browsing and transactions.

Site Customization

Cookies and similar technologies are used to enhance your experience by:

  • Remembering general and regional preferences
  • Personalizing content, search, recommendations, and offers

Some functions, such as personalized recommendations, account preferences, or localization, may not work correctly without these technologies. For more details, please refer to IvyPanda's Cookies Policy.

Personalized Advertising

To enable personalized advertising (such as interest-based ads), we may share your data with our marketing and advertising partners using cookies and other technologies. These partners may have their own information collected about you. Turning off the personalized advertising setting won't stop you from seeing IvyPanda ads, but it may make the ads you see less relevant or more repetitive.

Personalized advertising may be considered a "sale" or "sharing" of the information under California and other state privacy laws, and you may have the right to opt out. Turning off personalized advertising allows you to exercise your right to opt out. Learn more in IvyPanda's Cookies Policy and Privacy Policy.

1 / 1