  Predictive process monitoring is concerned with the analysis of events
produced during the execution of a process in order to predict the future state
of ongoing cases thereof. Existing techniques in this field are able to
predict, at each step of a case, the likelihood that the case will end up in an
undesired outcome. These techniques, however, do not take into account what
process workers may do with the generated predictions in order to decrease the
likelihood of undesired outcomes. This paper proposes a framework for
prescriptive process monitoring, which extends predictive process monitoring
approaches with the concepts of alarms, interventions, compensations, and
mitigation effects. The framework incorporates a parameterized cost model to
assess the cost-benefit tradeoffs of applying prescriptive process monitoring
in a given setting. The paper also outlines an approach to optimize the
generation of alarms given a dataset and a set of cost model parameters. The
proposed approach is empirically evaluated using a range of real-life event
logs.
