Encyclopedia of Database Systems

2018 Edition
| Editors: Ling Liu, M. Tamer Özsu

Prescriptive Analytics

  • Laurynas Šikšnys
  • Torben Bach Pedersen
Reference work entry
DOI: https://doi.org/10.1007/978-1-4614-8265-9_80624

Synonyms

Prescriptive business intelligence; Third phase of business analytics

Definition

Prescriptive analytics is the third and final stage of business analytics dedicated to finding and suggesting (i.e., prescribing) the best decision options for a given situation. Prescriptive analytics encompasses the activities of (1) data collection and consolidation, (2) information extraction, (3) forecasting, (4) optimization, (5) visualization, and (6) what-if analysis for first making predictions and then, based on these predictions, (a) suggesting the most appropriate time-dependent decisions (i.e., prescriptions) and (b) illustrating the implications of each decision option.

Descriptive, predictive, and prescriptive analytics are the three stages of business analytics [ 1], characterized by different levels of difficulty, value, and intelligence (see Fig.  1).
This is a preview of subscription content, log in to check access.

Recommended Reading

  1. 1.
    Holsapple C, Post AL, Pakath R. A unified foundation for business analytics. Decis Support Syst. 2014;64:130–41.CrossRefGoogle Scholar
  2. 2.
    Haas PJ, Maglio PP, Selinger PG, Tan WC. Data is dead… without what-if models. PVLDB. 2011;4(12):1486–9.Google Scholar
  3. 3.
    Basu A. Five pillars of prescriptive analytics success. Analytics Magazine; 2013. p. 812.Google Scholar
  4. 4.
    Šikšnys L, Pedersen TB, Solve DB. Integrating Optimization Problem Solvers Into SQL Databases. In: Proceedings of the 28th International Conference on Scientific and Statistical Database Management; 2016.Google Scholar

Copyright information

© Springer Science+Business Media, LLC, part of Springer Nature 2018

Authors and Affiliations

  1. 1.Department of Computer ScienceAalborg UniversityAalborgDenmark

Section editors and affiliations

  • Torben Bach Pedersen
    • 1
  • Stefano Rizzi
    • 2
  1. 1.Department of Computer ScienceAalborg UniversityAalborgDenmark
  2. 2.DISIUniv. of BolognaBolognaItaly