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Prescriptive Analytics: When Data- and Simulation-based Models Interact in a Cooperative Way

, , , , , and . 2022 24th International Symposium on Symbolic and Numeric Algorithms for Scientific Computing (SYNASC), page 1-8. (September 2022)
DOI: 10.1109/SYNASC57785.2022.00009

Abstract

Business analytics is an extensive use of data acquired from diverse sources, statistical and quantitative analysis, explainable and predictive models, and fact-based management to make better strategic decisions for different stakeholders. To be able to model complex systems holistically in such a way that they can be fed into an efficient simulation-based optimization in the sense of prescriptive analytics, approaches and solutions that go beyond state-of-the-art are required. This paper introduces the basic technologies used in prescriptive analytics and proposes secure prescriptive analytics (SPA) that is based on component-based hierarchical modeling and dynamic optimization. Each element under the SPA framework is defined and illustrated by an example of production plan optimization.

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