Question

2. Compare and contrast the types and methods that are available for EDA, predictive, and prescriptive analytics. Give examples of each.

Answer 1

EDA

EDA or Exploratory Data Analysis is an approach to summarize the main characteristics of data obtained through various analysis tools. EDA is very essential in health care practices to understand the features and issues of collected data. EDA will help to understand the cost-effectiveness of new treatment modalities, the essential services necessary for patient satisfaction, new trends in the health care industry, how to improve the current system of care, how to facilitate prevention of epidemics etc.

Types and Methods for EDA

1. Predictive Analysis

2. Prescriptive Analysis

Predictive analysis forecasts potential future outcomes. It has the ability to predict or model the future outcome. It will provide actionable insights and future outcome based on the available data. Predictive analysis is based on probability and thus cannot be 100% accurate. It can be used to forecast the patient behaviors and thus to predict the new trends or treatment modalities necessary for patient satisfaction. Also helps to forecast the demands of the community.

Prescriptive Analysis will provide a number of possible actions and guide the user to a specific solution. Prescriptive Analysis will help to make a specific recommendation or provide advice to reach into a solution. It will help to reach the best solution from various possibilities.

Both Predictive and Prescriptive Analysis use the collected data for the analysis. Both of these methods are used for the decision-making process to optimize the standard of care provided and thus to have maximum patient satisfaction at a minimum cost. Both of these methods will help to use the data for the successful operation of the health care industry.

The prescriptive analysis is more complex than Predictive analysis. Prescriptive Analysis will recommend one or more action plans whereas predictive analysis will give one potential outcome. They will provide multiple possible outcomes and allow the user to assess the outcomes based on their actions. Different tools and techniques are used for Prescriptive Analysis which include Algorithms, computational modeling procedures etc.

Example of Predictive Analysis: It can help to predict the possible flu episodes in the given community. It will help to predict the time of occurrence of a particular seasonal disease and thus making the diagnosis and treatment easier at a reduced cost.  

Example of Prescriptive Analysis: It can be used to analyze the accurate staffing level necessary for the optimum care of patients. It can be used to understand the nurse-patient ratio in a given health care unit. It will also help to schedule home health care services and inventory management.