Predictive analytics is a form of technology that generates predictions about some upcoming unknowns. To reach these results, it employs a range of approaches, including artificial intelligence (AI), data mining, machine learning, modelling, and statistics.
Data mining, for instance, requires examining enormous data sets to look for trends. Text analysis accomplishes the same thing, but only for lengthy text portions.\
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Predictive models have a wide range of applications, including the following:
- game development and weather forecasts
- Conversion of voice to text for mobile messaging
- assistance with building a portfolio of investments for consumers
- These applications all project future data using statistical models that are descriptive of the present data.
They can be used by businesses to plan their marketing strategies, manage their inventories, and forecast sales.
Additionally, it helps a business survive, especially in industries with fierce rivalry like healthcare and retail.
Investors and financial professionals can utilise this technology to build investment portfolios and reduce risk.
These models look for connections, patterns, and structures in the data to draw conclusions about how changing the underlying processes that generate the data would affect the results. These descriptive models serve as the foundation for predictive models, which use historical data to assess the likelihood of particular future results given the current condition or a collection of projected future circumstances.