Predictive Analytics (What is it?)

Predictive modelling 

Predictive analytics is a fancy name for building a Mathematical Model to describe your data.

So no, you don't have to use a crystal ball to do predictive analytics (although in some cases the modelling gets that complex that you might as well be looking into a glass ball for insight!)

The idea of modelling is to keep the algorithm as simple enough to understand/explain whilst also maintaining a good prediction percentage.

Another thing to keep in mind is that we can only create a model based on historical events:

The predictive part comes in when you have built the model well enough that you are confident that it fits your data set and you can make predictions on how new or future instances will behave.

When can you apply Predictive modelling?

1. When you know...

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 Predictive Analytics (What is it?)

Hopefully this blog post has given you some insight into what the data scientists are up to in your analytics department or what you will need to consider when contemplating an Predictive Analytics project.

James Bingham is a Business Analytics Consultant @ ProStrategy. 

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