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From Meaningful Data Science to Impactful Decisions: The Importance of Being Causally Prescriptive Cover

From Meaningful Data Science to Impactful Decisions: The Importance of Being Causally Prescriptive

Open Access
|Apr 2023

Abstract

This article proposes a framework for transition from traditional data science where the focus is on extracting value from available data to goal-driven analytical decision making where the business objective is defined first. We discuss the link between predictive analytics and prescriptive analytics in the context of formulating the problem, and assert that all prescriptive analytics problem formulations assume a causal link between decisions and outcomes. We emphasize the role of predictive analytics and causal inference in specifying the causal link between decisions and outcomes accurately, and ultimately in aligning the analysis with the business objectives. We offer practical examples that integrate various required analytics tasks and describe scenarios where causal inference is required versus not required.
Language: English
Submitted on: Feb 18, 2022
Accepted on: Mar 6, 2023
Published on: Apr 25, 2023
Published by: Ubiquity Press
In partnership with: Paradigm Publishing Services
Publication frequency: 1 issue per year

© 2023 Victor S. Y. Lo, Dessislava A. Pachamanova, published by Ubiquity Press
This work is licensed under the Creative Commons Attribution 4.0 License.