Assess whether descriptive, predictive, and prescriptive analytics applies to a business problem.
Free SOA Exam PA (Predictive Analytics) lesson in Predictive Analytics Problem Definition. 8 min read, ~1,187 words.
Descriptive analytics answers "what happened?" by summarizing past data. Predictive analytics answers "what might happen next?" by forecasting an unknown outcome. Prescriptive analytics answers "what should we do?" by recommending a decision among options. Prescriptive problems ask you to choose or optimize an action, not just forecast a value. On...
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What this lesson covers
- Content
- Example 1
- Example 2
- Common Mistakes
- Check Your Understanding
- Exam Shortcuts
Learning objectives
- 1a
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