Predictive analytics and decision management
Predictive analytics is a highly recurring concept that surrounds decision management systems. It is based on analyzing the information exposed by knowledge-based services and finding missing cases, detecting projections in the values of variables, and expanding the universe of information by cross-referencing other sources of information.
In order to analyze this information to obtain such insights, events from different sources (including process executions from BPM systems), that is, from real-time production environments, are fed into a simulation environment. Here, queries are raised and data analysis conducted to test different scenarios to see which ones have a better coverage of all the cases.
The information obtained is later used to feed new knowledge definitions to production environments. This cycle is known as the decision analysis cycle.
Decision analysis cycle, encompassing both runtime and analysis
BPM systems assist in decision...
