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Decision Support, Analytics, and Business Intelligence, Second Edition by Daniel J. Power

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Chapter 5

Predictive Analytics and Model-Driven Decision Support

Companies are implementing predictive analytics and quantitative models to assist managers. There remain, however, important knowledge gaps about how to implement analytics and especially predictive analytics and model-driven decision support. In general, analytics refers to quantitative analysis of data. Analytics may be part of a data-driven or a model-driven DSS. Predictive analytics is about using models for predicting behavior or results. Predictive analytics can help managers make choices and develop competitive actions.

Many banks use analytics and model-driven DSS when making credit and lending decisions. Trucking and delivery firms use quantitative models to generate optimal ...

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