From the course: Business Analytics Foundations: Predictive, Prescriptive, and Experimental Analytics
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EXA definition
From the course: Business Analytics Foundations: Predictive, Prescriptive, and Experimental Analytics
EXA definition
- [Narrator] We now get to the final phase in analytics, experimental analytics. Experimental analytics tries to answer the question, how well will it work? The goal of experimental analytics is to test a hypothesis or an alternative to understand actual performance in the field. They key difference between prescriptive analytics and experimental analytics is, prescriptive analytics are used with simulation, within the enterprise. Experimental analytics deals with actual experiments conducted on the field with actual customers, or subjects. In experiment analytics we implement the business plan on a subset of targeted subjects. We usually test multiple alternatives to find the ones that provide the best results. It helps identify environmental variables that are hitherto unknown. If you fail, you fail in a small way, not in a big way. So, how does the process of experimental analytics work? You start off by choosing a…
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