Think back to the last time you went to the doctor. If something was wrong you needed medicine. Once the doctor figured out what was wrong with you, they wrote a prescription! This prescription is made up of two things – a prediction and a description. The description describes what has been happening – why have you been coughing? The prediction describes what will happen – your virus causing your cough could spread to affect other parts of your body. With these two things in hand the doctor can write his prescription. The prescription tells you what you should do – take this medicine twice daily.
In much the same way prescriptive analytics work for businesses. (more…)