Professional analysis, specifically in terms of business analytics, is an extremely useful tool when it comes to crafting a view of your projects to use for the long-term success of your business. There are many types of business analytics, ranging from descriptive to prescriptive.
Descriptive analytics refers to the practice of examining historical data in order to determine what has happened over the course of the project, and the ones that have come before it as precedent. As a subset of descriptive analytics, diagnostic analytics refers to using this information to evaluate why results have occurred in the way they present themselves.
Meanwhile, predictive and prescriptive analytics are much more in-depth tools that lend themselves to building more prosperous futures for your project and your business. Experts such as Semion Kronenfeld recognize the importance of learning to be familiar with predictive and prescriptive analytic practices, as well as the potential results these skills can yield.
What Are Predictive Analytics?
After determining all necessary precedents and their causes, predictive analytics is the practice of assessing what will happen going forwards. This practice uses the data available to your project to create a relatively accurate model of what you and your team can expect to happen over the course of your project in order to plan for future steps and any action that may need to be taken.
Predictive analytics is generally performed in order to inform prescriptive analytics, as the two often go hand in hand. However, the value of this practice on its own is not insignificant – professionals with experience in their industries, such as Simion Kronenfeld, understand how to rely on the results of predictive analysis to develop more in-depth projects and set goals that can ensure success.
What Are Prescriptive Analytics?
While predictive analysis is the process of determining what will happen over the course of a project, prescriptive analysis is the process of using this information to determine how to make this happen, and how to ensure the types of results most conducive to the success of your business.
Once predictive analytics has been used to create a model, prescriptive analytics then compares this model to current and past data collected over the course of projects your company has overseen in order to make an informed decision on which choice of action will lead to the best results.
What Are the Benefits of Using Both Predictive and Prescriptive Analytics?
Both predictive and prescriptive analytics are tools that can allow you to make informed decisions about the future of your project and your business. However, while most organizations rely on predictive analytics, surprisingly few of them take their efforts to the next step with the potential of prescriptive analytics.
Combining the benefits of both predictive and prescriptive analytics can yield much stronger results down the line than simply relying on one, or ignoring the potential of both working together. Through his work in the real estate industry, Simion Kronenfeld is a prime example of a leader who understands the potential of combining both types of analytics, taking his business to the next step by not only modelling where he plans to take his projects, but how he plans to achieve success – treating each project with the time and investment it requires for prosperity.
