Prescriptive Analytics

What is it?

The most advanced level of big data analytics involves not only predicting the probability of future outcomes, but also automatically taking action based on them. Prescriptive analytics leverages a continuous feedback loop to iteratively refine its predictive prowess and improving its effectiveness.

Why is it important?

Prescriptive analytics is already seeing scope in fraud detection, predictive maintenance of complex industrial machines and disease prevention. With the many operational decisions this innovation can assist with, prescriptive analytics can provide time and cost reductions in many applications across the University.

What to do next?

We should investigate and implement new tools for optimisation, simulation and game theory methods of data analysis. These would benefit the University both operationally and through its research community (via prescriptive models). We can also implement prescriptive analytics in our student facing systems to improve the students' digital University experience.