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Prescriptive Analytics Market - Industry Analysis, Trend and Growth, 2017-2027
Prescriptive analytics can suggest decision options for how to take advantage of a future opportunity or mitigate a future risk, and illustrate the implications of each decision option. In practice, prescriptive analytics can continually and automatically process new data to improve the accuracy of predictions and provide better decision options.Download Brochure @ https://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=25358
Advancements in the speed of computing and the development of complex mathematical algorithms applied to the data sets have made prescriptive analysis possible. Specific techniques used in prescriptive analytics include optimization, simulation, game theory and decision-analysis methods.
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Prescriptive analytics is related to both descriptive and predictive analytics. While descriptive analytics aims to provide insight into what has happened and predictive analytics helps model and forecast what might happen, prescriptive analytics seeks to determine the best solution or outcome among various choices, given the known parameters.
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However, prescriptive analytics is not fail proof, but is subject to the same distortions that can upend descriptive and predictive analytics, including data limitations and certain unaccounted-for external forces. The effectiveness of prescriptive analytics also depends on how well the decision model captures the impact of the decisions being analyzed.
About TMR
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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