How many applications for predictive analytics can be identified for a business/organization?
How many applications for predictive analytics can be identified for a business/organization?
Database System Concepts
7th Edition
ISBN:9780078022159
Author:Abraham Silberschatz Professor, Henry F. Korth, S. Sudarshan
Publisher:Abraham Silberschatz Professor, Henry F. Korth, S. Sudarshan
Chapter1: Introduction
Section: Chapter Questions
Problem 1PE
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How many applications for predictive analytics can be identified for a business/organization?
Expert Solution
Step 1: What is predictive analytics?
A data analysis technique called predictive analytics employs historical data, statistical formulas, and machine learning to forecast upcoming events or results.
It entails examining patterns and trends in data to foresee potential future outcomes, assisting organizations in making defensible decisions, streamlining workflows, and taking preventative measures based on predictive insights.
For applications including sales forecasting, customer churn prediction, fraud detection, and healthcare outcome prediction, among others, predictive analytics is widely employed in a variety of industries.
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