The Recipe for Data-driven Decisions
Competitive pressures and economic uncertainty place a strain on decision making today. Complex decisions combined with more data and greater risk can paralyze decision makers if the correct approach is not taken. Making the right decision requires both the right data and the correct methodology.
The correct methodology depends on the kind of decision you need to make. AnalytixLive can provide you with the support to take you from informational decision making to optimized decision making.
Some mix of these four components need to be examined for each decision:
- Descriptive Analysis: what has happened in the past
- Diagnostic Analysis: why did it happen
- Predictive Analysis: what will happen in the future
- Prescriptive Analysis: what can you do to make it happen