Response to Forum Posts

In need of a 125 response/discussion to EACH of the following forum posts. There are (2) different Forum posts. Agreement/disagreement/and/or continuing the discussion.The two interactive posts should each be substantial, relevant, and engaging. Original forums discussion/topic post is as follows: (Use/Cite references to support your ideas)

***The goal of data analytics is to get results to make better decisions and better outcomes for business. Think about Descriptive, Predictive, and Prescriptive analytics and provide some examples with your thoughts behind your statements.***

FORUM POST 1:

Hello class,

Descriptive Analytics is when past and present performance is analyzed en route to making the best business decisions moving forward. This is done when data is converted to produce understandable information. Some examples would be to utilize charts to plot data, or tapping into databases to obtain files etc. Managers utilize these types of analytics to check on business performance, and also to be on a lookout for problematic areas or even avenues of opportunities. Data trends and patterns are also identified at this time.

Predictive Analytics analyzes past historical data to try and predict what would happen in the future. This type of data looks for pattern similarities and using this information to make adjustments and the best decisions moving forward. For example, a manufacturer may want to predict customers’ response to next summer’s clothes of a certain color pattern or the most popular sizes that will be sold. Another example would be the response from different segments of the public to an advertisement promoting a certain product or service.

Prescriptive Analytics is the option utilized when things become too complex for someone to make adequate decisions. To make the best of all options and opportunities is one of the reasons this analysis is used. Finance and operations within the business environment benefit from using prescriptive analysis. An example where this can be utilized is in the pricing area, when determining what’s the best price to assign to a product or service to increase on a business’ revenue or how much products should a business generate to build on its profits, just to name a few.

Reference

Evans, J. R. Business Analytics: Methods, Models, and Decisions. [VitalSource Bookshelf]. Retrieved from https://online.vitalsource.com/#/books/97813235743…

FORUM POST 2:

Thinking about the goals of data analytics I can draw comparisons and experiences within my own at my job I currently work. Reading through the chapter and the definitions that are listed for these different types of analytics listed above.

Every 2 days we have a meeting to discuss where the project is currently and any road blocks we have along the way to get there. Prior to these meetings, me and my team get together and exam our paperwork that we currently have out and use it to create percentages of completions for outstanding work and upcoming work. This data is taken into account when we discuss percentage gains and losses for the past week. This data is presented to our customer to display as a visual graph where we are and if we are within our schedule so far.

Using the data we mine from our meetings then we could also use it in terms of predicting whether or not we are going to complete what we have the docket for work or if we should move certain projects out further down the line in order to meet the deadline or to not have them all stacked up on one another if it doesn’t make sense for us overall.

All of this data can then be used for a prescriptive outlook on any other projects down the line that may be coming up within any length of time. This information can be used to see if our current manning that we have on a project is enough or if we should be looking for more support to complete. Prescriptive analytics can also be used by us day to day in order to determine if the personnel we have on site can be shifted around to better suit us and where we need things to be.

10 hours ago

REQUIREMENTS

1 pages, Double Spacing American Pub BUSN250

Answer preview…………………………..

apa 321 words

Response to Forum Posts

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