Applying the Techniques of Prescriptive Modeling

Let’s use simulation to improve our business model innovations. In this video, we’ll focus on the practical techniques of prescriptive modeling, what they mean, and how they make a difference in your work. We’ll learn a 5-step process that covers how to frame a choice, how to specify the conditions to make a decision, generating possibilities, conducting tests on those possibilities, and making a choice based on your results. For each of these steps, we’ll work with a code example, using the Iris dataset, and analyze it from the perspective of how it’s useful for prescriptive modeling.