Prescriptive, descriptive and predictive analytics

1. How does prescriptive analytics relate to descriptive and predictive analytics?
2. Explain the differences between static and dynamic models. How can one evolve into the other?
3. What is the difference between an optimistic approach and a pessimistic approach to decision making under assumed uncertainty?
4. Explain why solving problems under uncertainty sometimes involves assuming that the problem is to be solved under conditions of risk.

Sample Solution