Which of the following best describes the use of predictive analytics?
A.
A supplier of electrical parts analyzed all instances where different types of spare parts were out of stock prior to scheduled deliveries of those parts.
B.
A supplier of electrical parts analyzed sales, applied assumptions related to weather conditions, and identified locations where stock levels would decrease more quickly.
C.
A supplier of electrical parts analyzed all instances of a part being out of stock prior to its scheduled delivery date and discovered that increases in sales of that part consistently correlated with stormy weather.
D.
A supplier of electrical parts analyzed sales and stock information and modelled different scenarios for making decisions on stock reordering and delivery.
Diagnostic = "why did this happen"
Predictive = "what will happen"
Prescriptive = using foresight and optimisation to build and test scenarios around different policies, combining data, business rules, and mathematical models to determine what course of action would lead to potential outcomes.
D is the only one with models looking at multiple outcomes.
Predictive analytics involves using historical data, statistical algorithms, and machine learning techniques to forecast future outcomes. The key element is predicting future events based on patterns and trends.
For me if a supplier analyzes something and applies predictions that's the predictive analysis. D in my opinion is more applied to process analysis but I might be wrong.
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