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Predictive Analytics (Revolutionary) More Views 293

Posted by McDarsene, 24/07/2019

What is truly going to happen (Reality) Vs What you want to hear or happen (Dream / Fantasy). In this we also look at the expected and Actual outcomes..

Predictive analytics is component of advanced analytics that looks at making predictions of &nbsp;the future occurrences or events. Their is always a big difference between what you and how you perceive world and daily events and the reality how there really going to happen. Most of the times what we often predict about an event does not always come true, but lets assume that we could have away of always knowing or predicting what is going to happen in future and the things that we predict occurs the way we predicted. All this is possible with Predictive Analytics. &nbsp;Predictive Analytics use many techniques from statistics, modeling, machine learning, artificial intelligence and data mining all these techniques to analyze the current data and predict the future. It gathers information by using various techniques namely; Predictive Modeling, Data mining and Statistical analysis beside that it also bring together the management, the business modeling process and the information Technology in order to make predictions.&nbsp;&nbsp;The patterns found in historical and transactional data can be used to identify risks and opportunities for future. Predictive analytics models capture relationships among many factors to assess risk with a particular set of conditions to assign a score, or weightage. By successfully applying predictive analytics the businesses can effectively interpret big data for their benefit.Data mining, sequential analytics and statistical analytics&nbsp;allows the business users to create predictive intelligence by uncovering patterns and relationships in both the structured and unstructured data. The data which can be used readily for analysis are structured data, examples like age, gender, marital status, income, sales. Unstructured data are textual data in call center notes, social media content, or other type of open text which need to be extracted from the text, along with the sentiment, and then used in the model building process. Predictive analytics allows organizations to become proactive, forward looking, anticipating outcomes and behaviors based upon the data and not on a hunch or assumptions. Prescriptive analytics, goes further and suggest actions to benefit from the prediction and also provide decision options to benefit from the predictions and its implications.Predictive Analytics automatically automate complex decisions and trade offs to make predictions and then proactively update recommendations based on changing events to take advantage of the prediction.With Predictive Analytics we can make various predictions and world changing decisions such as &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <ul><li style="text-align: justify;">Predicting Natural Disasters such as floods</li><li style="text-align: justify;">Analytical customer relationship management - customers spending, usage and other behavior, leading to efficient cross sales, or selling additional products to current customers for an organization that offers multiple products.</li><li style="text-align: justify;">Fraud Detection - find inaccurate credit applications, fraudulent transactions both done offline and online, identity thefts and false insurance claims.</li><li style="text-align: justify;"> Risk management - Predicts the best portfolio to maximize return in capital asset pricing model and probabilistic risk assessment to yield accurate forecasts</li><li style="text-align: justify;">Direct Marketing - can also help to identify the most effective combination of product versions, marketing material, communication channels and timing that should be used to target a given consumer.</li><li style="text-align: justify;">Health Care - &nbsp;can determine the patients who are at the risk of developing certain conditions such as diabetes, asthma and other lifetime illnesses. The clinical decision support systems incorporate predictive analytics to support medical decision making at the point of care. </li></ul>.

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