Predictive Analysis. What is predictive analytics? | by Sanjna Sikka | Feb, 2024

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Summary

● Predictive analytics uses historical data to forecast future trends and likelihood of events, which can be used to make strategic decisions.
● Real world applications of predictive analytics include healthcare, retail, recommendations, weather forecasting, and many more.
● Steps in developing a predictive analytics model include defining the question, data mining/collection, data processing/scrubbing, developing predictive statistical model, and validating results and using insights.
● Predictive statistical models that are widely used include regression analysis, classification algorithms, clustering models, time series models, and neural networks.
● Once a predictive model has been validated for accuracy, it can be applied to gain insights and make strategic decisions.

Author: Sanjna Sikka
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