Beginner · Data
Predictive analytics
Visual diagram · (in preparation) · Math · (in preparation) · Worked example · 3 difficulty levels.
TL;DR. Uses current and historical data with data mining and machine learning techniques to forecast future events or outcomes.
Technical Definition
Uses current and historical data with data mining and machine learning techniques to forecast future events or outcomes.
How it works
Predictive analytics is a branch of advanced analytics used to make predictions about unknown future events. It employs techniques from data mining, statistical modeling, and machine learning to analyze existing data sets to identify the likelihood of future outcomes based on that data.
Related Concepts
- Machine Learning — A field of AI where systems learn patterns from data instead of following hard-coded rules.
- Data mining — Discovering patterns and insights in large datasets using methods from machine learning, statistics, and databases.