Prescriptive Analytics: A Survey of Emerging Trends And Technologies

Davide Frazzetto*, Thomas Dyhre Nielsen, Torben Bach Pedersen, Laurynas Siksnys

*Corresponding author

Research output: Contribution to journalJournal articleResearchpeer-review

1 Citation (Scopus)

Abstract

This paper provides a survey of the state-of-the-art and future directions of one of the most important emerging technologies within business analytics (BA), namely prescriptive analytics (PSA). BA focuses on data-driven decision-making and consists of three phases: descriptive, predictive, and prescriptive analytics. While descriptive and predictive analytics allow us to analyze past and predict future events, respectively, these activities do not provide any direct support for decision-making. Here, PSA fills the gap between data and decisions. We have observed an increasing interest for in-DBMS PSA systems in both research and industry. Thus, this paper aims to provide a foundation for PSA as a separate field of study. To do this, we first describe the different phases of BA. We then survey classical analytics systems and identify their main limitations for supporting PSA, based on which we introduce the criteria and methodology used in our analysis. We next survey, categorize, and discuss the state-of-the-art within emerging, so-called PSA + , systems, followed by a presentation of the main challenges and opportunities for next-generation PSA systems. Finally, the main findings are discussed and directions for future research are outlined.
Original languageEnglish
JournalV L D B Journal
Volume28
Issue number4
Pages (from-to)575-595
Number of pages21
ISSN1066-8888
DOIs
Publication statusPublished - 1 Aug 2019

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Industry
Decision making
Predictive analytics

Keywords

  • Business intelligence
  • Data analytics
  • Database systems
  • Decision support systems

Cite this

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title = "Prescriptive Analytics: A Survey of Emerging Trends And Technologies",
abstract = "This paper provides a survey of the state-of-the-art and future directions of one of the most important emerging technologies within business analytics (BA), namely prescriptive analytics (PSA). BA focuses on data-driven decision-making and consists of three phases: descriptive, predictive, and prescriptive analytics. While descriptive and predictive analytics allow us to analyze past and predict future events, respectively, these activities do not provide any direct support for decision-making. Here, PSA fills the gap between data and decisions. We have observed an increasing interest for in-DBMS PSA systems in both research and industry. Thus, this paper aims to provide a foundation for PSA as a separate field of study. To do this, we first describe the different phases of BA. We then survey classical analytics systems and identify their main limitations for supporting PSA, based on which we introduce the criteria and methodology used in our analysis. We next survey, categorize, and discuss the state-of-the-art within emerging, so-called PSA + , systems, followed by a presentation of the main challenges and opportunities for next-generation PSA systems. Finally, the main findings are discussed and directions for future research are outlined.",
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author = "Davide Frazzetto and Nielsen, {Thomas Dyhre} and Pedersen, {Torben Bach} and Laurynas Siksnys",
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Prescriptive Analytics : A Survey of Emerging Trends And Technologies. / Frazzetto, Davide; Nielsen, Thomas Dyhre; Pedersen, Torben Bach; Siksnys, Laurynas.

In: V L D B Journal, Vol. 28, No. 4, 01.08.2019, p. 575-595.

Research output: Contribution to journalJournal articleResearchpeer-review

TY - JOUR

T1 - Prescriptive Analytics

T2 - A Survey of Emerging Trends And Technologies

AU - Frazzetto, Davide

AU - Nielsen, Thomas Dyhre

AU - Pedersen, Torben Bach

AU - Siksnys, Laurynas

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AB - This paper provides a survey of the state-of-the-art and future directions of one of the most important emerging technologies within business analytics (BA), namely prescriptive analytics (PSA). BA focuses on data-driven decision-making and consists of three phases: descriptive, predictive, and prescriptive analytics. While descriptive and predictive analytics allow us to analyze past and predict future events, respectively, these activities do not provide any direct support for decision-making. Here, PSA fills the gap between data and decisions. We have observed an increasing interest for in-DBMS PSA systems in both research and industry. Thus, this paper aims to provide a foundation for PSA as a separate field of study. To do this, we first describe the different phases of BA. We then survey classical analytics systems and identify their main limitations for supporting PSA, based on which we introduce the criteria and methodology used in our analysis. We next survey, categorize, and discuss the state-of-the-art within emerging, so-called PSA + , systems, followed by a presentation of the main challenges and opportunities for next-generation PSA systems. Finally, the main findings are discussed and directions for future research are outlined.

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