What is involved in Prescriptive Analytics
Find out what the related areas are that Prescriptive Analytics connects with, associates with, correlates with or affects, and which require thought, deliberation, analysis, review and discussion. This unique checklist stands out in a sense that it is not per-se designed to give answers, but to engage the reader and lay out a Prescriptive Analytics thinking-frame.
How far is your company on its Prescriptive Analytics journey?
Take this short survey to gauge your organization’s progress toward Prescriptive Analytics leadership. Learn your strongest and weakest areas, and what you can do now to create a strategy that delivers results.
To address the criteria in this checklist for your organization, extensive selected resources are provided for sources of further research and information.
Start the Checklist
Below you will find a quick checklist designed to help you think about which Prescriptive Analytics related domains to cover and 135 essential critical questions to check off in that domain.
The following domains are covered:
Prescriptive Analytics, Applied statistics, Big data, Business analytics, Business intelligence, Business operations, Business process, Computational model, Computational science, Data mining, Decision Engineering, Decision Management, Health, Safety and Environment, Health care in the United States, Health care provider, Map reduce, Mathematical model, Mathematical sciences, Natural gas prices, Operations research, Predictive analytics, Structured data, Unstructured data, Utility companies:
Prescriptive Analytics Critical Criteria:
Add value to Prescriptive Analytics management and oversee Prescriptive Analytics management by competencies.
– Have all basic functions of Prescriptive Analytics been defined?
– What are current Prescriptive Analytics Paradigms?
– Why are Prescriptive Analytics skills important?
Applied statistics Critical Criteria:
Closely inspect Applied statistics outcomes and probe using an integrated framework to make sure Applied statistics is getting what it needs.
– Which customers cant participate in our Prescriptive Analytics domain because they lack skills, wealth, or convenient access to existing solutions?
Big data Critical Criteria:
Frame Big data projects and figure out ways to motivate other Big data users.
– What are the particular research needs of your organization on big data analytics that you find essential to adequately handle your data assets?
– If this nomination is completed on behalf of the customer, has that customer been made aware of this nomination in advance of this submission?
– Erp versus big data are the two philosophies of information architecture consistent complementary or in conflict with each other?
– From all the data collected by your organization, what is approximately the percentage that is further processed for value generation?
– What tools do you consider particularly important to handle unstructured data expressed in (a) natural language(s)?
– Is your organizations business affected by regulatory restrictions on data/servers localisation requirements?
– what is needed to build a data-driven application that runs on streams of fast and big data?
– What is the Quality of the Result if the Quality of the Data/Metadata is poor?
– What are the new developments that are included in Big Data solutions?
– Does your organization have a strategy on big data or data analytics?
– How do we track the provenance of the derived data/information?
– Are our business activities mainly conducted in one country?
– Big Data: what is different from large databases?
– What are our tools for big data analytics?
– What happens if/when no longer need cognitive input?
– Isnt big data just another way of saying analytics?
– Overall cost (matrix, weighting, SVD, sims)?
– Is Big data different?
– How to use in practice?
– Where is the ROI?
Business analytics Critical Criteria:
Debate over Business analytics projects and arbitrate Business analytics techniques that enhance teamwork and productivity.
– what is the most effective tool for Statistical Analysis Business Analytics and Business Intelligence?
– What is the difference between business intelligence business analytics and data mining?
– Is there a mechanism to leverage information for business analytics and optimization?
– How will you know that the Prescriptive Analytics project has been successful?
– What is the difference between business intelligence and business analytics?
– what is the difference between Data analytics and Business Analytics If Any?
– Will Prescriptive Analytics deliverables need to be tested and, if so, by whom?
– How do you pick an appropriate ETL tool or business analytics tool?
– How do we go about Comparing Prescriptive Analytics approaches/solutions?
– What are the trends shaping the future of business analytics?
Business intelligence Critical Criteria:
Shape Business intelligence strategies and differentiate in coordinating Business intelligence.
– What is the importance of knowing the key performance indicators KPIs for a business process when trying to implement a business intelligence system?
– Does your mobile solution allow you to interact with desktop-authored dashboards using touchscreen gestures like taps, flicks, and pinches?
– What information can be provided in regards to a sites usage and business intelligence usage within the intranet environment?
– How does Tableau stack up against the traditional BI software like Microstrategy or Business Objects?
– What are the most common applications of business intelligence BI technology solutions?
– What is the future scope for combination of business intelligence and cloud computing?
– Is business intelligence set to play a key role in the future of Human Resources?
– What documentation is provided with the software / system and in what format?
– Who prioritizes, conducts and monitors business intelligence projects?
– Can your bi solution quickly locate dashboard on your mobile device?
– What type and complexity of system administration roles?
– What programs do we have to teach data mining?
– Is the product accessible from the internet?
– How is business intelligence disseminated?
– What is your licensing model and prices?
– What are typical reporting applications?
– Do you support video integration?
– Types of data sources supported?
– Business Intelligence Tools?
Business operations Critical Criteria:
Weigh in on Business operations decisions and secure Business operations creativity.
– How do your measurements capture actionable Prescriptive Analytics information for use in exceeding your customers expectations and securing your customers engagement?
– What other organizational variables, such as reward systems or communication systems, affect the performance of this Prescriptive Analytics process?
– Who will be responsible for making the decisions to include or exclude requested changes once Prescriptive Analytics is underway?
– Is legal review performed on all intellectual property utilized in the course of your business operations?
– How to move the data in legacy systems to the cloud environment without interrupting business operations?
Business process Critical Criteria:
Study Business process results and integrate design thinking in Business process innovation.
– Have the segments, goals and performance objectives been translated into an actionable and realistic target business and information architecture expressed within business functions, business processes, and information requirements?
– Are interruptions to business activities counteracted and critical business processes protected from the effects of major failures or disasters?
– When conducting a business process reengineering study, what should we look for when trying to identify business processes to change?
– Do the functional areas need business process integration (e.g., order entl. billing, or Customer Service)?
– Do we have detailed information on the business process for refunds and charge backs if they are required?
– How do clients contact client services with any questions about business processes?
– If we accept checks what is the desired business process around supporting checks?
– How do you inventory and assess business processes as part of an ERP evaluation?
– Will existing staff require re-training, for example, to learn new business processes?
– What would Eligible entity be asked to do to facilitate your normal business process?
– What are all of our Prescriptive Analytics domains and what do they do?
– How do we improve business processes and how do we deliver on that?
– On what basis would you decide to redesign a business process?
– How will business process and behavioral change be managed?
– How does the solution handle core business processes?
– What/how are business processes defined?
– What is the business process?
Computational model Critical Criteria:
Co-operate on Computational model visions and correct Computational model management by competencies.
– What are your key performance measures or indicators and in-process measures for the control and improvement of your Prescriptive Analytics processes?
– Does Prescriptive Analytics analysis show the relationships among important Prescriptive Analytics factors?
– What potential environmental factors impact the Prescriptive Analytics effort?
Computational science Critical Criteria:
Have a round table over Computational science issues and do something to it.
– Are there any disadvantages to implementing Prescriptive Analytics? There might be some that are less obvious?
– Are accountability and ownership for Prescriptive Analytics clearly defined?
Data mining Critical Criteria:
Value Data mining planning and assess what counts with Data mining that we are not counting.
– Do you see the need to clarify copyright aspects of the data-driven innovation (e.g. with respect to technologies such as text and data mining)?
– What types of transactional activities and data mining are being used and where do we see the greatest potential benefits?
– What is the difference between Data Analytics Data Analysis Data Mining and Data Science?
– Can we do Prescriptive Analytics without complex (expensive) analysis?
– What are specific Prescriptive Analytics Rules to follow?
Decision Engineering Critical Criteria:
Be clear about Decision Engineering planning and get out your magnifying glass.
– What are the business goals Prescriptive Analytics is aiming to achieve?
Decision Management Critical Criteria:
Deduce Decision Management planning and get out your magnifying glass.
– Does Prescriptive Analytics include applications and information with regulatory compliance significance (or other contractual conditions that must be formally complied with) in a new or unique manner for which no approved security requirements, templates or design models exist?
– What are the usability implications of Prescriptive Analytics actions?
– What are our Prescriptive Analytics Processes?
Health, Safety and Environment Critical Criteria:
Merge Health, Safety and Environment results and maintain Health, Safety and Environment for success.
– what is the best design framework for Prescriptive Analytics organization now that, in a post industrial-age if the top-down, command and control model is no longer relevant?
– Among the Prescriptive Analytics product and service cost to be estimated, which is considered hardest to estimate?
Health care in the United States Critical Criteria:
Revitalize Health care in the United States tactics and forecast involvement of future Health care in the United States projects in development.
– What are the top 3 things at the forefront of our Prescriptive Analytics agendas for the next 3 years?
– What new services of functionality will be implemented next with Prescriptive Analytics ?
– Why is Prescriptive Analytics important for you now?
Health care provider Critical Criteria:
Contribute to Health care provider tactics and ask what if.
– At what point will vulnerability assessments be performed once Prescriptive Analytics is put into production (e.g., ongoing Risk Management after implementation)?
– Is Prescriptive Analytics dependent on the successful delivery of a current project?
– How does the organization define, manage, and improve its Prescriptive Analytics processes?
Map reduce Critical Criteria:
Chart Map reduce issues and correct better engagement with Map reduce results.
– What will be the consequences to the business (financial, reputation etc) if Prescriptive Analytics does not go ahead or fails to deliver the objectives?
– When a Prescriptive Analytics manager recognizes a problem, what options are available?
Mathematical model Critical Criteria:
Probe Mathematical model decisions and describe which business rules are needed as Mathematical model interface.
– Well-defined, appropriate concepts of the technology are in widespread use, the technology may have been in use for many years, a formal mathematical model is defined, etc.)?
– What are the key elements of your Prescriptive Analytics performance improvement system, including your evaluation, organizational learning, and innovation processes?
– Do we aggressively reward and promote the people who have the biggest impact on creating excellent Prescriptive Analytics services/products?
– Are assumptions made in Prescriptive Analytics stated explicitly?
Mathematical sciences Critical Criteria:
Graph Mathematical sciences engagements and gather Mathematical sciences models .
– To what extent does management recognize Prescriptive Analytics as a tool to increase the results?
– Is the scope of Prescriptive Analytics defined?
Natural gas prices Critical Criteria:
Add value to Natural gas prices issues and describe the risks of Natural gas prices sustainability.
– Are there any easy-to-implement alternatives to Prescriptive Analytics? Sometimes other solutions are available that do not require the cost implications of a full-blown project?
– Is there a Prescriptive Analytics Communication plan covering who needs to get what information when?
Operations research Critical Criteria:
Collaborate on Operations research decisions and spearhead techniques for implementing Operations research.
– Does Prescriptive Analytics systematically track and analyze outcomes for accountability and quality improvement?
– In what ways are Prescriptive Analytics vendors and us interacting to ensure safe and effective use?
– How do we go about Securing Prescriptive Analytics?
Predictive analytics Critical Criteria:
Powwow over Predictive analytics outcomes and don’t overlook the obvious.
– What are direct examples that show predictive analytics to be highly reliable?
Structured data Critical Criteria:
Reconstruct Structured data tactics and figure out ways to motivate other Structured data users.
– Consider your own Prescriptive Analytics project. what types of organizational problems do you think might be causing or affecting your problem, based on the work done so far?
– Does your organization have the right tools to handle unstructured data expressed in (a) natural language(s)?
– Should you use a hierarchy or would a more structured database-model work best?
– Do you monitor the effectiveness of your Prescriptive Analytics activities?
– Is Supporting Prescriptive Analytics documentation required?
Unstructured data Critical Criteria:
Deduce Unstructured data issues and arbitrate Unstructured data techniques that enhance teamwork and productivity.
– For your Prescriptive Analytics project, identify and describe the business environment. is there more than one layer to the business environment?
– What are the short and long-term Prescriptive Analytics goals?
– Are there Prescriptive Analytics problems defined?
Utility companies Critical Criteria:
Judge Utility companies engagements and report on setting up Utility companies without losing ground.
– How do we maintain Prescriptive Analyticss Integrity?
This quick readiness checklist is a selected resource to help you move forward. Learn more about how to achieve comprehensive insights with the Prescriptive Analytics Self Assessment:
Author: Gerard Blokdijk
CEO at The Art of Service | http://theartofservice.com
Gerard is the CEO at The Art of Service. He has been providing information technology insights, talks, tools and products to organizations in a wide range of industries for over 25 years. Gerard is a widely recognized and respected information expert. Gerard founded The Art of Service consulting business in 2000. Gerard has authored numerous published books to date.
To address the criteria in this checklist, these selected resources are provided for sources of further research and information:
Prescriptive Analytics External links:
Healthcare Prescriptive Analytics – Cedar Gate …
Prescriptive Analytics – Gartner IT Glossary
Applied statistics External links:
The Annals of Applied Statistics on JSTOR
Journal of Applied Statistics: Vol 45, No 3 – tandfonline.com
Applied statistics (Book, 1978) [WorldCat.org]
Big data External links:
Databricks – Making Big Data Simple
Swiftly – Leverage big data to move your city
Take 5 Media Group – Build an audience using big data
Business analytics External links:
Big Data & Business Analytics – Wayne State University
What is Business Analytics? Webopedia Definition
Harvard Business Analytics Program
Business intelligence External links:
Mortgage Business Intelligence Software :: Motivity Solutions
Oracle Business Intelligence – RCI
Business Intelligence and Big Data Analytics Software
Business operations External links:
How much does a business operations manager make?
Business Operations Center
Business Operations Manager Jobs, Employment | Indeed.com
Business process External links:
Infosys BPM – Business Process Management | BPM …
Business Process Outsourcing | BPO | DATAMARK, Inc.
Computational model External links:
A Computational Model of Music Composition – DASH …
CiteSeerX — Computational Model
Computational science External links:
Computational Science and Engineering Education
BNL | Computational Science Initiative
Mathematical and Computational Science
Data mining External links:
UT Data Mining
Data Mining Extensions (DMX) Reference | Microsoft Docs
Data mining | computer science | Britannica.com
Decision Engineering External links:
decisionz.com – Decision Engineering (NZ) Ltd, Rated …
Decision Engineering (SM) Partners – Google Sites
Decision Management External links:
Decision Management Solutions | Sapiens DECISION
Decision Management | McKesson
Health, Safety and Environment External links:
Health, Safety and Environment Policies – Manual
Welcome to the Department of Health, Safety and Environment
Health, Safety and Environment Policies
Health care provider External links:
A community based health care provider – trhs.org
DoctorFinder – Find the nearest Steward Health Care Provider
Map reduce External links:
Hadoop Map Reduce Development – Introduction – YouTube
MongoDB Map Reduce – tutorialspoint.com
Mathematical model External links:
LCA Mathematical Model | The Methodology Center
Mathematical model – ScienceDaily
Mathematical model predicts Bengals-Cardinals in …
Mathematical sciences External links:
Department of Mathematical Sciences | Kent State University
Mathematical Sciences, University of Cincinnati
Mathematical Sciences | UW-Milwaukee
Natural gas prices External links:
Natural Gas Prices | StateImpact Pennsylvania
Natural Gas Prices – Gas Price Chart, Forecast & Analysis
U.S. Natural Gas Prices
Operations research External links:
Operations Research on JSTOR
Operations Research (O.R.), or operational research in the U.K, is a discipline that deals with the application of advanced analytical methods to help make better decisions.
Operations research (Book, 1974) [WorldCat.org]
Predictive analytics External links:
Predictive Analytics for Healthcare | Forecast Health
Customer Analytics & Predictive Analytics Tools for …
Predictive Analytics Software, Social Listening | NewBrand
Structured data External links:
What is structured data? – Definition from WhatIs.com
Providing Structured Data | Custom Search | Google Developers
SEC.gov | What Is Structured Data?
Unstructured data External links:
What is unstructured data? – Definition from WhatIs.com
Utility companies External links:
Entergy Utility Companies – Scam Alert
Utility Companies – Miami-Dade County