Predictive Analytics By Ruth Joseph What is Predictive
Predictive Analytics By: Ruth Joseph
What is Predictive Analytics? Definition: Predictive Analytics is a category of data analytics aimed at making predictions of future outcomes based off of historical data and analytics techniques such as statistical modeling and machine learning.
The Uses of Predictive Analytics ● Can generate future insights precisely ● Predictive Analytics tools and models can use data to reliably forecast - Trends - Behaviors - Forecast events and conditions - Detect risks and opportunities - Patterns
How does it work? ● Draws its power from wide ranges of methods and technologies - Big data - Data mining - Statistical modeling - Machine learning - Mathematical processes
Benefits of Predictive Analytics ● Lets you “look into the future” reliably ● Helps adaptors to save and earn money ● Detect and halt criminal behaviors ● Can optimize marketing campaigns - Generate new customer purchases - Generate new customer responses - Promote cross sale opportunities
Examples of Predictive Analytics in Business ● Hospitality Industries: - Can forcast numbers of guest - Maximize occupancy + revenue ● Airlines: - Set ticket prices ● Retailers: - Forecast inventory requirements, - manage shipping schedules, - configure store layouts
Let's break it down. . . Link: https: //www. yo utube. com/wat ch? v=GO 8 Cd 2 e UTVE
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