What analytics type will be used to address the following question, "Which assets should John Deere invest in: a new piece of manufacturing equipment or new supply chain software?"?
Question
What analytics type will be used to address the following question, "Which assets should John Deere invest in: a new piece of manufacturing equipment or new supply chain software?"?
Solution
The type of analytics that would be used to address this question is Prescriptive Analytics.
Step 1: Identify the Problem The problem here is determining where John Deere should invest: in a new piece of manufacturing equipment or new supply chain software.
Step 2: Gather Data Data would need to be gathered on the costs and potential benefits of both the new piece of manufacturing equipment and the new supply chain software. This could include initial costs, maintenance costs, potential increases in efficiency, and potential increases in revenue.
Step 3: Analyze the Data The data would then be analyzed to determine which investment would likely provide the greatest return. This could involve comparing the potential increases in efficiency and revenue to the costs for each option.
Step 4: Make a Decision Based on the analysis, a decision could be made about which investment to make. This decision would be based on which option is predicted to provide the greatest benefit to the company.
Prescriptive analytics is used in this case because it involves using data and analytics to make a decision about what action to take in the future
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