Question
Your analytical team regularly prepares reports of your and the supply chain performance. In the most recent report It demonstrates different strategles that help solve the Issue of shrinking market share. What type of analytics was used? 1. descriptive analytics 2. diagnostics analytics 3. prescriptive analytics 4. predictive analytics prescriptive analytics descriptive analytics predictive analytics diagnostics analytics
Answer
4.7
(236 Votes)
Franklin
Master · Tutor for 5 years
Answer
3. Prescriptive Analytics.
Explanation
When we look at the question, it describes that the analytical team's report includes different strategies proposed to solve the problem of shrinking market share. This approach falls directly within the scope of "Prescriptive Analytics". Prescriptive analytics refers to the method of using historical data in combinastion with predictive models and decision-theory methods, to make recommendations based on predictions of various outcomes. In other words, it suggests actions could be taken to fix a problem in the future, exactly the use-case here.Descriptive analytics would only describe the situation (in this case, the shrinking market share), but doesn't proposit solutions. Diagnostic Analytics explains the cause of that situation based on historical data to determine issues occurred for a specific reason.Predictive Analytics would just predict future situations, but not proposit actions or solutions. So, amongst all these, only Prescriptive Analytics asserts resolution to a problem.