Quiz on Prescriptive Analytics

What is prescriptive analytics primarily used for?

• Collecting historical data

• Identifying patterns in data

• Forecasting future outcomes

• Recommending optimal courses of action

Which industry can benefit from prescriptive analytics for developing personalized treatment plans?

• Manufacturing

• Retail

• Healthcare

• Finance

What is the first step in the prescriptive analytics process?

• Identify the goal

• Evaluate and implement the recommendations

• Collect and prepare the data

• Generate recommendations

What type of tool allows users to explore different scenarios by changing input variables?

• Simulation tool

• Spreadsheet tool

• What-if analysis tool

• Optimization tool

Which of the following is NOT a benefit of using prescriptive analytics?

• Increased data collection

• Enhanced competitiveness

• Increased efficiency

• Improved decision-making

What type of analysis tool is commonly used for financial forecasting?

• Simulation tool

• What-if analysis tool

• Data visualization tool

• Optimization tool

Which of the following is a popular spreadsheet tool?

• MATLAB

• Gurobi

• Microsoft Excel

• AnyLogic

What is the purpose of optimization tools?

• To create visual representations of data

• To find the best solution to a problem

• To simulate complex systems

• To collect and prepare data

In which industry might simulation tools be used to train personnel?

• Healthcare

• Manufacturing

• Retail

• Finance

What is one example of how optimization can be applied in business?

• Setting prices for products

• Collecting customer feedback

• Creating marketing materials

• Conducting employee training