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Smarter Decisions - The Intersection of Internet of Things and Decision Science

Smarter Decisions - The Intersection of Internet of Things and Decision Science

By : Jojo Moolayil
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Smarter Decisions - The Intersection of Internet of Things and Decision Science

Smarter Decisions - The Intersection of Internet of Things and Decision Science

5 (1)
By: Jojo Moolayil

Overview of this book

With an increasing number of devices getting connected to the Internet, massive amounts of data are being generated that can be used for analysis. This book helps you to understand Internet of Things in depth and decision science, and solve business use cases. With IoT, the frequency and impact of the problem is huge. Addressing a problem with such a huge impact requires a very structured approach. The entire journey of addressing the problem by defining it, designing the solution, and executing it using decision science is articulated in this book through engaging and easy-to-understand business use cases. You will get a detailed understanding of IoT, decision science, and the art of solving a business problem in IoT through decision science. By the end of this book, you’ll have an understanding of the complex aspects of decision making in IoT and will be able to take that knowledge with you onto whatever project calls for it
Table of Contents (10 chapters)
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Chapter 7. Prescriptive Science and Decision Making

Predictive analytics scales the power of analytics and decision making to a paramount level. We can consider our daily life as an example. If we have an answer to the 'when' question, it can help us take better decisions to secure our future. Visibility into the future makes life easy for everyone. The same holds true for problem solving in decision science. The nature of the problem can be descriptive, inquisitive, predictive, or prescriptive. Prescriptive science or Prescriptive Analytics answers the question 'So what, now what?' and aims at improving the outcome of the problem. We often ask this question after we see an issue in the routine operations.

Prescriptive analytics is a fuzzy transition from the combination of descriptive, inquisitive, and predictive analytics. The problem reaches a point where we continuously iterate through different questions either to recover from a disaster or further improve...

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Smarter Decisions - The Intersection of Internet of Things and Decision Science
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