A Predictive Analytics Primer
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This document summarizes key points from an article on predictive analytics and provides recommendations for managers. It advises managers to appoint an analytics team focused on predictive analytics to foresee future growth. It also suggests important questions managers should ask analysts regarding their data and assumptions to better understand results and make decisions. The document stresses the importance of predictive analysis for managers and companies.
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A Predictive Analytics Primer
- 1. REVIEW ON THE ARTICLE- A Predictive Analytics Primer by Thomas H. Davenport
- 4. Important questions to ask your analyst: • Can you tell me something about the source of data you used in your analysis? • Are you sure the sample data are representative of the population? • Are there any outliers in your data distribution? How did they affect the results? • What assumptions are behind your analysis? • Are there any conditions that would make your assumptions invalid?
- 6. IMPORTANCE OF PREDICTIVE ANALYSIS
- 11. MANAGERIAL ASPECT Every manager needs to appoint an analytics team especially working on predictive analytics to foresee the future growth of the particular company or business.
- 13. Predictive analytics are gaining in popularity. But what do you really need to know as a manager in order to interpret results and make better decisions? How do your data scientists do what they do? By understanding a few basics, you will feel more comfortable working with and communicating with others in your organization about the results and recommendations from predictive analytics. The quantitative analysis isn’t magic—but it is normally done with a lot of past data, a little statistical wizardry, and some important assumptions.
- 15. BY- TANAY KARNIK