Economic Analysis: Theory and Practice
 

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Descriptive, predictive, and prescriptive analytics: Data, methods, and algorithms

Vol. 18, Iss. 3, MARCH 2019

Received: 15 January 2019

Received in revised form: 22 January 2019

Accepted: 31 January 2019

Available online: 29 March 2019

Subject Heading: THEORY OF ECONOMIC ANALYSIS

JEL Classification: G30, G32

Pages: 447–461

https://doi.org/10.24891/ea.18.3.447

Kogdenko V.G. National Research Nuclear University MEPhI, Moscow, Russian Federation
kogdenko7@mail.ru

https://orcid.org/0000-0001-9732-1174

Subject The article addresses data, methods and algorithms for descriptive, predictive, and prescriptive analysis.
Objectives The purpose of the study is to identify trends in the development of business analysis and summarize characteristics of descriptive characteristics, predictive, and prescriptive analysis.
Methods The methodological basis draws on general scientific principles and research methods, like analysis and synthesis, grouping and comparison, abstraction, generalization.
Results I investigated trends in the development of business analysis, revealed modern characteristics of descriptive analysis, offered an algorithm for predictive analysis, underpinned universal financial models of company profit and cash flow for prognostic analysis, reflecting the factors of business portfolio formation and created value distribution. The paper considers trends in the prescriptive analytics development and identifies four blocks: client analytics, industrial analytics, staff analytics, ecosystem and business environment analytics. It also analyzes sources of improving the company efficiency as a result of applying the methods of prescriptive analysis.
Conclusions The article may be useful for specialists of analytical services of companies.

Keywords: descriptive analytics, predictive analytics, prescriptive analytics

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