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 124 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:
Facilitate Prescriptive Analytics issues and arbitrate Prescriptive Analytics techniques that enhance teamwork and productivity.
– Record-keeping requirements flow from the records needed as inputs, outputs, controls and for transformation of a Prescriptive Analytics process. ask yourself: are the records needed as inputs to the Prescriptive Analytics process available?
– What is the total cost related to deploying Prescriptive Analytics, including any consulting or professional services?
– Is a Prescriptive Analytics Team Work effort in place?
Applied statistics Critical Criteria:
Extrapolate Applied statistics management and find the ideas you already have.
– What business benefits will Prescriptive Analytics goals deliver if achieved?
– Have all basic functions of Prescriptive Analytics been defined?
– What is our Prescriptive Analytics Strategy?
Big data Critical Criteria:
See the value of Big data adoptions and devote time assessing Big data and its risk.
– In which area(s) do data integration and BI, as part of Fusion Middleware, help our IT infrastructure?
– To what extent does your organization have experience with big data and data-driven innovation (DDI)?
– Which departments in your organization are involved in using data technologies and data analytics?
– Does big data threaten the traditional data warehouse business intelligence model stack?
– What are the disruptive innovations in the middle-term that provide near-term domain leadership?
– Is senior management in your organization involved in big data-related projects?
– Can we measure the basic performance measures consistently and comprehensively?
– What new definitions are needed to describe elements of new Big Data solutions?
– What is the contribution of subsets of the data to the problem solution?
– Hybrid partitioning (across rows/terms and columns/documents) useful?
– Is data-driven decision-making part of the organizations culture?
– What is/are the corollaries for non-algorithmic analytics?
– What happens if/when no longer need cognitive input?
– What metrics do we use to assess the results?
– What is the cost of partitioning/balancing?
– Is Big data different?
– What s limiting the task?
– What can it be used for?
– Who is collecting what?
– What is in Scope?
Business analytics Critical Criteria:
Grasp Business analytics risks and point out improvements in Business analytics.
– Does Prescriptive Analytics create potential expectations in other areas that need to be recognized and considered?
– 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?
– What is the difference between business intelligence and business analytics?
– what is the difference between Data analytics and Business Analytics If Any?
– How do you pick an appropriate ETL tool or business analytics tool?
– What are the trends shaping the future of business analytics?
– Does Prescriptive Analytics appropriately measure and monitor risk?
– Why is Prescriptive Analytics important for you now?
Business intelligence Critical Criteria:
Facilitate Business intelligence tactics and don’t overlook the obvious.
– When users are more fluid and guest access is a must, can you choose hardware-based licensing that is tailored to your exact configuration needs?
– As we develop increasing numbers of predictive models, then we have to figure out how do you pick the targets, how do you optimize the models?
– What information can be provided in regards to a sites usage and business intelligence usage within the intranet environment?
– Which core Oracle Business Intelligence or Big Data Analytics products are used in your solution?
– What are typical responsibilities of someone in the role of Business Analyst?
– What are the best UI frameworks for Business Intelligence Applications?
– Who prioritizes, conducts and monitors business intelligence projects?
– What information needs of managers are satisfied by the new BI system?
– What information needs of managers are satisfied by the bi system?
– Are there any on demand analytics tools in the cloud?
– Can users easily create these thresholds and alerts?
– Does your software integrate with active directory?
– How stable is it across domains/geographies?
– What is required to present video images?
– Do you still need a data warehouse?
– Using dashboard functions?
Business operations Critical Criteria:
Review Business operations governance and separate what are the business goals Business operations is aiming to achieve.
– 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?
– Think of your Prescriptive Analytics project. what are the main functions?
– How do we go about Securing Prescriptive Analytics?
Business process Critical Criteria:
Steer Business process decisions and visualize why should people listen to you regarding Business process.
– 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?
– Have senior executives clearly identified and explained concerns regarding Customer Service issues and other change drivers, and emphasized that major improvements are imperative?
– Has business process Cybersecurity has been included in continuity of operations plans for areas such as customer data, billing, etc.?
– What are the disruptive Prescriptive Analytics technologies that enable our organization to radically change our business processes?
– Do you design data protection and privacy requirements into the development of your business processes and new systems?
– What finance, procurement and Human Resources business processes should be included in the scope of a erp solution?
– 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?
– If we process purchase orders; what is the desired business process around supporting purchase orders?
– If we accept wire transfers what is the desired business process around supporting wire transfers?
– Do the Prescriptive Analytics decisions we make today help people and the planet tomorrow?
– 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?
– What would Eligible entity be asked to do to facilitate your normal business process?
– How do we improve business processes and how do we deliver on that?
– What core business processes drive our industry and channel today?
– On what basis would you decide to redesign a business process?
– What/how are business processes defined?
– What is the business process?
Computational model Critical Criteria:
Pilot Computational model risks and point out improvements in Computational model.
– Do we aggressively reward and promote the people who have the biggest impact on creating excellent Prescriptive Analytics services/products?
– What new services of functionality will be implemented next with Prescriptive Analytics ?
Computational science Critical Criteria:
Merge Computational science planning and assess what counts with Computational science that we are not counting.
– 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?
– What will be the consequences to the business (financial, reputation etc) if Prescriptive Analytics does not go ahead or fails to deliver the objectives?
Data mining Critical Criteria:
Scan Data mining management and explore and align the progress in Data mining.
– 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 role does communication play in the success or failure of a Prescriptive Analytics project?
– What is the difference between Data Analytics Data Analysis Data Mining and Data Science?
– Is business intelligence set to play a key role in the future of Human Resources?
– Does our organization need more Prescriptive Analytics education?
– What programs do we have to teach data mining?
Decision Engineering Critical Criteria:
Detail Decision Engineering tasks and simulate teachings and consultations on quality process improvement of Decision Engineering.
– What are the barriers to increased Prescriptive Analytics production?
– What threat is Prescriptive Analytics addressing?
Decision Management Critical Criteria:
Jump start Decision Management results and probe Decision Management strategic alliances.
– What are all of our Prescriptive Analytics domains and what do they do?
– What are the Key enablers to make this Prescriptive Analytics move?
Health, Safety and Environment Critical Criteria:
Confer over Health, Safety and Environment issues and define what our big hairy audacious Health, Safety and Environment goal is.
– How do we Improve Prescriptive Analytics service perception, and satisfaction?
– Do we all define Prescriptive Analytics in the same way?
Health care in the United States Critical Criteria:
Sort Health care in the United States outcomes and diversify by understanding risks and leveraging Health care in the United States.
– How can skill-level changes improve Prescriptive Analytics?
– How to Secure Prescriptive Analytics?
Health care provider Critical Criteria:
Use past Health care provider projects and define Health care provider competency-based leadership.
– What tools and technologies are needed for a custom Prescriptive Analytics project?
– Who are the people involved in developing and implementing Prescriptive Analytics?
– What is Effective Prescriptive Analytics?
Map reduce Critical Criteria:
Incorporate Map reduce management and differentiate in coordinating Map reduce.
– In the case of a Prescriptive Analytics project, the criteria for the audit derive from implementation objectives. an audit of a Prescriptive Analytics project involves assessing whether the recommendations outlined for implementation have been met. in other words, can we track that any Prescriptive Analytics project is implemented as planned, and is it working?
– Is Prescriptive Analytics Realistic, or are you setting yourself up for failure?
– Can we do Prescriptive Analytics without complex (expensive) analysis?
Mathematical model Critical Criteria:
Group Mathematical model risks and report on setting up Mathematical model without losing ground.
– 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.)?
– Where do ideas that reach policy makers and planners as proposals for Prescriptive Analytics strengthening and reform actually originate?
Mathematical sciences Critical Criteria:
Adapt Mathematical sciences engagements and overcome Mathematical sciences skills and management ineffectiveness.
– Can Management personnel recognize the monetary benefit of Prescriptive Analytics?
– Why should we adopt a Prescriptive Analytics framework?
Natural gas prices Critical Criteria:
Model after Natural gas prices risks and budget for Natural gas prices challenges.
– Marketing budgets are tighter, consumers are more skeptical, and social media has changed forever the way we talk about Prescriptive Analytics. How do we gain traction?
– How do we manage Prescriptive Analytics Knowledge Management (KM)?
– Are assumptions made in Prescriptive Analytics stated explicitly?
Operations research Critical Criteria:
Shape Operations research issues and document what potential Operations research megatrends could make our business model obsolete.
– How does the organization define, manage, and improve its Prescriptive Analytics processes?
– What is our formula for success in Prescriptive Analytics ?
Predictive analytics Critical Criteria:
Rank Predictive analytics risks and proactively manage Predictive analytics risks.
– What are direct examples that show predictive analytics to be highly reliable?
– How much does Prescriptive Analytics help?
Structured data Critical Criteria:
Focus on Structured data risks and ask questions.
– Do those selected for the Prescriptive Analytics team have a good general understanding of what Prescriptive Analytics is all about?
– What tools do you consider particularly important to handle unstructured data expressed in (a) natural language(s)?
– 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?
– Is there any existing Prescriptive Analytics governance structure?
Unstructured data Critical Criteria:
Inquire about Unstructured data adoptions and probe using an integrated framework to make sure Unstructured data is getting what it needs.
– Do you monitor the effectiveness of your Prescriptive Analytics activities?
Utility companies Critical Criteria:
Track Utility companies goals and create Utility companies explanations for all managers.
– What are our needs in relation to Prescriptive Analytics skills, labor, equipment, and markets?
– How can the value of Prescriptive Analytics be defined?
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 | 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 …
Applied statistics External links:
Applied statistics (Book, 1978) [WorldCat.org]
Master of Applied Statistics (Online) | Statistics
Applied statistics (Book, 1978) [WorldCat.org]
Big data External links:
Databricks – Making Big Data Simple
Big Data & Business Analytics – Wayne State University
Take 5 Media Group – Build an audience using big data
Business analytics External links:
Big Data & Business Analytics – Wayne State University
Advanced Business Analytics | Coursera
Business Analytics | Coursera
Business intelligence External links:
Mortgage Business Intelligence Software :: Motivity Solutions
List of Business Intelligence Skills – The Balance
Business operations External links:
UofL Business Operations
Business Operations Manager Jobs, Employment | Indeed.com
Business Operations Center
Business process External links:
Business Process Manager Job Description and Salary
[PDF]Business Process Guide Position Management : …
Canon Business Process Services
Computational model External links:
A Computational Model of Music Composition – DASH …
Computational science External links:
Computational Science and Engineering Education
Computational science (Book, 2007) [WorldCat.org]
Welcome | School of Computational Science and Engineering
Data mining External links:
Job Titles in Data Mining – KDnuggets
Decision Engineering External links:
Decision Engineering (SM) Partners – Google Sites
Decision Management External links:
Decision Management Solutions | Sapiens DECISION
Health, Safety and Environment External links:
Welcome to the Department of Health, Safety and Environment
Health, Safety and Environment Policies
Health, Safety and Environment Policies – Manual
Health care provider External links:
Map reduce External links:
AWS Elastic Map Reduce using MrJob – YouTube
Mathematical model External links:
Mathematical Model Cont Mech 2ed. (eBook, 2005) …
Mathematical sciences External links:
Department of Mathematical Sciences | Kent State University
Mathematical Sciences | University of Arkansas
Department of Mathematical Sciences – IPFW
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:
Systems Engineering and Operations Research
Operations research (Book, 1974) [WorldCat.org]
Predictive analytics External links:
Predictive Analytics for Healthcare | Forecast Health
Customer Analytics & Predictive Analytics Tools for …
Strategic Location Management & Predictive Analytics | …
Structured data External links:
Introduction to Structured Data | Search | Google Developers
SEC.gov | What Is Structured Data?
Structured Data Testing Tool – Google
Unstructured data External links:
Gigaom | Sector Roadmap: Unstructured Data …
Utility companies External links:
Utility Companies – Miami-Dade County
Entergy Utility Companies – Scam Alert