Machine Learning Prescriptive Canvas for Optimizing Business Outcomes (2206.10333v1)

Abstract: Data science has the potential to improve business in a variety of verticals. While the lion's share of data science projects uses a predictive approach, to drive improvements these predictions should become decisions. However, such a two-step approach is not only sub-optimal but might even degrade performance and fail the project. The alternative is to follow a prescriptive framing, where actions are "first citizens" so that the model produces a policy that prescribes an action to take, rather than predicting an outcome. In this paper, we explain why the prescriptive approach is important and provide a step-by-step methodology: the Prescriptive Canvas. The latter aims to improve framing and communication across the project stakeholders including project and data science managers towards a successful business impact.