This question is asking you to distinguish between descriptive, diagnostic, predicative and prescriptive analytics. In t
Posted: Tue Apr 26, 2022 12:30 pm
This question is asking you to distinguish between descriptive, diagnostic, predicative and prescriptive analytics. In that pursuit, answer the following:
In ‘Decision Analysis under Uncertainty’ (Chapter 2, Study Unit 5), the concepts of ‘Simulation Modelling’ (2.4) were explained. In short, the Study Guide explained it as “a system or process using computer programmes…..[to] predict outcomes in a simulated setting…..[and] to address "what if" questions in business context…..and improving business performance.” A comparison between analytics and simulation modelling was made and further details on simulation were provided from the website (see SU5 References): ‘The Next Generation of Prescriptive Analytics: Market Simulation’
In ‘Decision Analysis under Uncertainty’ (Chapter 2, Study Unit 5), the concepts of ‘Simulation Modelling’ (2.4) were explained. In short, the Study Guide explained it as “a system or process using computer programmes…..[to] predict outcomes in a simulated setting…..[and] to address "what if" questions in business context…..and improving business performance.” A comparison between analytics and simulation modelling was made and further details on simulation were provided from the website (see SU5 References): ‘The Next Generation of Prescriptive Analytics: Market Simulation’