Answer:
What is the most significant difference between predictive and prescriptive analytics?
The most significant difference between predictive and prescriptive analytics is that predictive analytics is focused on predicting future outcomes based on historical data and statistical models, while prescriptive analytics is focused on recommending specific actions to optimize future outcomes.
Why is prescriptive analytics needed?
Prescriptive analytics is needed because it provides actionable recommendations for decision-making that can help organizations optimize their processes, reduce costs, and improve outcomes.
Explanation: By analyzing data from various sources and applying advanced algorithms, prescriptive analytics can identify the best course of action to achieve a desired outcome, taking into account various constraints and trade-offs. This can help organizations make more informed decisions and improve their overall performance.
In other words, predictive analytics tells you what is likely to happen in the future, while prescriptive analytics tells you what you should do to achieve a desired outcome.