Chapter 10.pdf
- 2. Learning Objectives At the end of this topic, student should be able to: 1. Predict the data that have been captured in the system and do analysis
- 3. What is Predictive analytics Predictive Analytics is the branch of the advanced analytics which is used to make predictions about unknown future events. Predictive analytics uses many techniques from data mining, statistics, modelling and machine learning to analyze current data to make predictions about future. Using predictive analytics is like driving your car and watching the traffic through the windshield, anticipating traffic, making course corrections to avoid traffic jams and getting to the location faster and safer
- 7. Benefits of Analytics and Predictive Analytics ➢ Benefits of analytics: productivity gains through improved data-gathering processes results in less time required for producing reports and metrics ➢ Benefits of predictive analytics: process improvement gains through improve revenue generation & cost structures leading to enhanced decision making ➢ Takeaway: Both types of gains are beneficial but improvements in analytics are NOT as scalable as to the benefits in predictive analytics which are repeatable, virtuous and scalable
- 8. Features in Predictive Analytics Data analysis and manipulation Visualization Statistics Hypothesis testing
- 9. Conclusions Predictive analytics is the analytical ability to see relationship between business drivers and performance also the ability to model the relationship performed by people to improve organizational visibility