Instal Source Insight 4.00.0131 free1/22/2024 The defining functional effect of these technical approaches is that predictive analytics provides a predictive score (probability) for each individual (customer, employee, healthcare patient, product SKU, vehicle, component, machine, or other organizational unit) in order to determine, inform, or influence organizational processes that pertain across large numbers of individuals, such as in marketing, credit risk assessment, fraud detection, manufacturing, healthcare, and government operations including law enforcement. ![]() Models capture relationships among many factors to allow assessment of risk or potential associated with a particular set of conditions, guiding decision-making for candidate transactions. In business, predictive models exploit patterns found in historical and transactional data to identify risks and opportunities. It represents a major subset of machine learning applications in some contexts, it is synonymous with machine learning. As such, it encompasses a variety of statistical techniques from predictive modeling and machine learning that analyze current and historical facts to make predictions about future or otherwise unknown events. Predictive analytics is a form of business analytics applying machine learning to generate a predictive model for certain business applications. JSTOR ( June 2011) ( Learn how and when to remove this template message).Unsourced material may be challenged and removed.įind sources: "Predictive analytics" – news Please help improve this article by adding citations to reliable sources. ![]() This article needs additional citations for verification.
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