Week2 day4slide
- 2. Hello! I am Rohit Kar I am Electrical Engineering student You can find me at: rohit.kar96@gmail.com
- 3. How do we Predict the Future?
- 4. “If Big Data is sparking a revolution in general management, then Predictive Analytics may be the next big thing in talent management.” -Richard Mosley
- 5. Predictive analytics is the form of advanced analytics that use both apriori data to forecast behaviour and trends. It involves the use of statistical analysis and machine learning algorithms to predict the likelihood of an event happening.
- 6. IN TWO OR THREE COLUMNS Yellow Is the color of gold, butter and ripe lemons. In the spectrum of visible light, yellow is Blue Is the colour of the clear sky and the deep sea. It is located between violet and green on the optical spectrum. Red Is the color of blood, and because of this it has historically been associated
- 7. The biggest assumption in predictive analysis is the future always continues to be like the past. People generally establish strong patterns of behavior and keep them over time. But, Sometimes these habits change and thus makes the predictive model invalid. Two Key Insights We can predict the future by analysis. We just need the right kind of data, good statistical models and be careful to assumptions.
- 8. BIG CONCEPT Bring the attention of your audience over a key concept using icons or illustrations
- 11. ● Not all problems require Predictive Analysis ● Prediction about the anonymous customer. ● Erratic buying interval ● Moving Rating Problem: Example - Companies like Netflix rely on correctness of the rating provided by user, but I think a user can still give a rating of 2 to a movie which he enjoyed but he just thought this is not a movie which need to be rated DEFINING THE PROBLEM
- 12. Diagram featured by http://slidemodel.com Data Availability ● Lack of data understanding with relation to business ● Underestimating social media data ● Use of years old data to predict the near future ● Lack of incremental strategy
- 13. HOW CAN MANAGERS USE PREDICTIVE ANALYSIS ⊸ It can help an organization to work with own strengths and taking full advantage of areas where competitors are falling. ⊸ It helps to limit the distribution of offers and distribution codes only to the audience who are about to leave. ⊸ It can help an organization to grow beyond increasing sales and it provides insights through which company can improve its core offerings. ⊸ It can help an organization to grow existing base and acquire new customer base by enabling positive customer experience.
- 14. MANAGERS SHOULD ASK THEIR ANALYSTS ⊸ Something about the source of data used in their analysis. ⊸ Make sure that the sample represents the whole population perfectly. ⊸ Whether there were any outliers or not, and how did they affect the results. ⊸ Assumptions behind their analysis. ⊸ Conditions which will make their assumptions invalid