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Sunday, 14 February 2021

What can happen? The story of Predictive Analytics

Predictive Analytics is the process of using a combination of data analysis, statistics and machine learning to make predictions on possible outcomes.

Examples of these can be:

-predicting when a turbine in a power plant fail operating --this can help schedule maintenance activities  

-predicting customer behaviour based on time of our marketing promotions

-predicting capital required to meet regulatory requirements based on the volume of loans a bank has given in a particular period of time.







We use well established statistical tools in machine learning also known as supervised machine learning where we are trying to arrive at a number to predict the outcome. The fact that you are able to use a data set to run an ML algorithm means you are well advanced in the journey of analytics. It assumes you have the sources of data in the format you need and they are able to work inside a model developed for the purpose of prediction of outcome.

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