What is predictive analytics?

Predictive analytics is the practice of using data, statistical algorithms, and machine learning techniques to forecast future outcomes. It involves extracting valuable information from historical data sets to predict future trends, patterns, and behaviors. By analyzing patterns and relationships among various variables, predictive analytics enables organizations to make proactive, data-driven decisions and take actions to optimize future outcomes. Its applications range from sales forecasting and demand planning to customer segmentation, fraud detection, and risk assessment. Predictive analytics empowers businesses and organizations to gain a competitive edge by leveraging insights from data and making informed predictions about the future.

This mind map was published on 20 July 2023 and has been viewed 89 times.