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Write A Short Note On Predictive Analytics

Predictive analytics is a branch of advanced analytics that forecasts future events or behaviors using historical data and statistical methods. It utilizes techniques like machine learning and data mining for applications such as fraud detection and demand forecasting. The benefits include improved decision-making, optimized operations, and a competitive edge through anticipating future scenarios.

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5 views1 page

Write A Short Note On Predictive Analytics

Predictive analytics is a branch of advanced analytics that forecasts future events or behaviors using historical data and statistical methods. It utilizes techniques like machine learning and data mining for applications such as fraud detection and demand forecasting. The benefits include improved decision-making, optimized operations, and a competitive edge through anticipating future scenarios.

Uploaded by

sujalmp55555
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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Predictive analytics uses historical data, statistical algorithms, and machine learning

techniques to identify the likelihood of future outcomes based on patterns found in the
data. It's about making predictions about future events or behaviors, rather than just
understanding what happened in the past.

Here's a short note on Predictive Analytics:


●​ Definition: Predictive analytics is a branch of advanced analytics that makes predictions
about future events or behaviors based on historical data.
●​ Methodology: It employs various techniques, including statistical modeling, machine
learning algorithms, and data mining, to identify patterns and predict future trends.
●​ Applications: It is widely used in various industries for purposes such as fraud detection,
customer behavior prediction, risk assessment, demand forecasting, and preventative
maintenance.
●​ Benefits: It helps organizations make data-driven decisions, optimize operations, reduce
risks, and gain a competitive advantage by anticipating future scenarios.
●​ Key Components: It often involves data collection, data preparation, model building,
model deployment, and continuous model monitoring and refinement.

AI responses may include mistakes.

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