How does predictive analytics work?

Predictive analytics is a branch of advanced analytics that uses historical data and a variety of statistical techniques, data mining, and machine learning algorithms to predict future outcomes or behaviors. It follows a systematic approach that involves the collection and analysis of large amounts of data, which is then used to create models or algorithms. These models are built based on patterns, correlations, and trends identified in the data, allowing organizations to make accurate predictions about future events, customer behavior, market trends, and more. By leveraging predictive analytics, businesses can make informed decisions, develop effective strategies, minimize risks, and gain a competitive edge in today's data-driven world.

This mind map was published on 20 July 2023 and has been viewed 108 times.