Question

Find an article relating to the importance of Predictive Analytics in the work place. Write One page summary of your reading.

Answer 1

Predictive analytics is the use of data, statistical algorithms and machine learning techniques to identify the likelihood of future outcomes based on historical data. The goal is to go beyond knowing what has happened to providing a best assessment of what will happen in the future.

Predictive analytics involves extracting data from existing data sets with the goal of identifying trends and patterns. These trends and patterns are then used to predict future outcomes and trends.

Need of predictive Analysis:

Growing volumes and types of data, and more interest in using data to produce valuable insights.
Faster, cheaper computers.
Easier-to-use software.
Tougher economic conditions and a need for competitive differentiation.

Why is predictive analytics important?

Detecting fraud
Optimizing marketing campaigns
Improving operations
Reducing risk