Vortrag zu "Data driven Business Intelligence: From Predictive to Prescriptive Analytics" (Prof. O.P. Vyas, Indian Institute of Information Technology)
Speaker: Prof. O.P. Vyas, Professor, Indian Institute of Information Technology, Allahabad-India
Date: Wednesday 05.06.19 from 16:00 to 17:00
Place: FaKo Raum (U3-140)
Title: Data driven Business Intelligence: From Predictive to Prescriptive Analytics
Business Data analytics has gathered a lot of attention during the last years. Although descriptive and predictive analytics have become well-established areas, prescriptive analytics has just started to emerge with a different paradigm. Prescriptive analytics aims to prescribe decisions on the basis of the predictive analytics outcomes and involves an interdisciplinary approach with advances from Optimization and Decision Sciences.
Referred to as the "final frontier of analytic capabilities," prescriptive analytics suggests decision options to take advantage of the results of descriptive and predictive analytics. Prescriptive Analytic approaches propose to help businesses make better decisions by factoring in knowledge of possible situations, available resources, past performances and current happening as well.
The Prescriptive Analytics assumes special significance as the huge amount of Businesses moving from traditional "brick and mortar" shops to Online Enterprises warranting to have recommendations in rather more prescriptive ways. The proposed talk aims at exploring the opportunity and challenges involved, owing to introduction of "optimization" in "Business Analytics" arena with the novel paradigm of Prescriptive Analytics.