Descriptive analytics uses data aggregation, analysis and mining techniques to provide insights on the past data. It answers the question of “What has happened” based on the data.
Predictive analytics uses advanced forecasting techniques and statistical models to understand the future based on which the question of “What could happen in the future” can be predicted.
Prescriptive analytics uses optimization softwares and simulation algorithms to advice on the possible outcomes and answers the question “What should be done”. Prescriptive analytics uses past, current and future data to arrive at the optimized solution. Hence it uses both descriptive and predictive analytics to an extent.
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