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What is Predictive Analytics

Encyclopedia of Business Analytics and Optimization
Predictive analytics requires new methods and technologies by an organization to mine data to discover trends/patterns and test large numbers variables for unexpected insight.
Published in Chapter:
New Payment Models and Big Data Analytics
Avnish Rastogi (Oracle Corp, USA)
Copyright: © 2014 |Pages: 15
DOI: 10.4018/978-1-4666-5202-6.ch145
Abstract
It has been fascinating to watch how American healthcare delivery system is going through a paradigm shift to meet new government mandates and bend the care delivery cost curve. For years, US health care system has been fragmented and falling short on quality, outcomes, costs, and lacking framework to support care continuum. According to the study conducted by National Research Council and the Institute of Medicine, for many years, US population has been dying at the younger age than population with similar characteristics in other countries such as Canada, Australia and Japan. When compared with the peer countries, US Population did worse in health areas such as drug related deaths, obesity, chronic diseases, disability, etc. (Institute of Medicine of the National Academics. 2013 in, U.S Health in International Perspective Shorter Lives, Poorer Health.)
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The Digital Transformation: Crafting Customer Engagement Strategies for Success
In the field of data analytics, predictive analytics employs machine learning and statistical algorithms to find trends and forecast future results or events.
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Impact of Artificial Intelligence on Marketing Research: Challenges and Ethical Considerations
The use of data, statistical algorithms, and machine learning techniques to identify the likelihood of future outcomes based on historical data.
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IT Strategy Follows Digitalization
Predictive analytics is the branch of data mining concerned with the prediction of future probabilities and trends. The central element of predictive analytics is the predictor, a variable that can be measured for an individual or other entity to predict future behavior.
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Maturing an Information Technology Privacy Program: Assessment, Improvement, and Change Leadership
A process for analyzing data in a manner that seeks to predict a likely future scenario or outcome. It can be used to improve decision making, mitigate risk, improve operations, and identify best practices.
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In-Memory Analytics
The analytics of data for forecasting outcomes, provides an answer to what will happen, based on estimates issued from probabilities and statistical analyses.
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Deep Learning in Engineering Education: Performance Prediction Using Cuckoo-Based Hybrid Classification
Exploration of data to predict the future using various methods like statistics, machine learning etc.
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Business Analytics and Big Data: Driving Organizational Change
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Data-Driven Clinical Decision Support Systems Theory and Research
Data, statistical models, and ML techniques are used in predictive analytics to predict the likelihood of future outcomes based on past data.
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Predictive Analytics for Equipment Maintenance Operations: A Case Study From the Semiconductor Industry
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How to Implement the Supply Chain Digital Segmentation Strategy Successfully
According to Wikipedia: Predictive analytics encompasses a variety of statistical techniques from predictive modelling, machine learning, and data mining that analyze current and historical facts to make predictions about future or otherwise unknown events.
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A New Model for the Digital Transformation of the Strategic Procurement Function: A Case Study From the Aviation Industry
Analysis that uses past performance data and aims at forecasting developments. By extrapolating data, this technique helps to detect trends and hidden relationships to predict developments. Predictive analytics provide answers to the question: What will happen?
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Defining a Business-Driven Optimization Problem
A set of data–driven tools and methods to study a system behavior over time and to predict the future outcomes.
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Data Analysis in Context-Based Statistical Modeling in Predictive Analytics
The finding of new patterns is to analyze future performance of a system based on context and historical information and it is used for decision making process.
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Teaching and Using Analytics in Management Education
A methodology for forecasting futures events and trends using a variety of technologies including statistics and artificial intelligence.
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Supply Chain Building Blocks and Post-COVID-19 Recovery Measures With Artificial Intelligence
It enables organizations to identify optimal inventory levels to meet demand while minimising excess inventory. Supply chain managers use predictive analytics to determine detailed inventory requirements by region, location, and usage.
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Predictive Analytics
Predictive analytics and modeling are statistical and analytical tools that examine and capture the complex relationships and underlying patterns among variables in the existing data in efforts to predict the future organizational performances, risks, trends, and behavior patterns.
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Predictive Modelling for Future Technology Development
Predictive analytics encompasses a variety of statistical techniques from data mining, predictive modelling, and machine learning that analyze current and historical facts to make predictions about future or otherwise unknown events.
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Valuing Social Responsibility in the Era of Data Analytics: A Process Model for Effective Practice
The use of large data sets and statistical analysis to uncover patterns and trends to predict outcomes and behaviors.
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Forecasting the Demand of Agricultural Crops/Commodity Using Business Intelligence Framework
Predictive analytics represent any solution that supports the identification of meaningful patterns and correlations among variables in complex, structured, unstructured, historical, and potential future data sets for the purposes of predicting events and assessing the attractiveness of various courses of action.
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BIG Data: An Enabler in Developing Business Models in Cloud Computing Environments
A statistical or data mining solution consisting of algorithms and techniques that can be used for both structured and unstructured data to determine future outcomes.
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An Intelligent Virtual Medical Assistant for Healthcare Prediction
It is the branch of data analytics to get predictions on the future by using historical data with current conditions by means of applying statistical algorithms, machine learning algorithms etc. Example: Sales forecasting, Share market price forecasting, Weather forecasting, etc.
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Big Data Analytics and Visualization of Performance of Stock Exchange Companies Based on Balanced Scorecard Indicators
Predictive analytics include statistical models and other empirical methods that are aimed at creating empirical predictions (as opposed to predictions that follow from theory only), as well as methods for assessing the quality of those predictions in practice (i.e., predictive power). Aside from their practical usefulness, predictive analytics play an important role in theory building, theory testing, and relevance assessment ( Shmueli & Koppius, 2011 ).
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Harnessing Data Analytics and Marketing Intelligence for Sustainable Marketing Innovation
Utilizes statistical algorithms and machine learning techniques to forecast future outcomes based on historical data. In the context of marketing, it helps predict consumer behavior and trends to inform proactive marketing strategies.
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Role of Artificial Intelligence in the Future Educational Paradigm
The process of utilizing data to foster future results.
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Beyond Pandemic: Accelerating Artificial Intelligence and Financial Analytics
It uses a variety of statistical methods from data mining, predictive modelling, and machine learning. It analyzes the current and historical data to make predictions about the future.
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Using Deep Learning and Big Data Analytics for Managing Cyber-Attacks
Predictive analytics is a form of advanced analytics that uses historical data, statistical modelling, data mining techniques, and machine learning to create predictions about future outcomes. It is extensively used to identify dangers and opportunities in businesses.
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Forecasting the Demand of Agricultural Crops/Commodity Using Business Intelligence Framework
Predictive analytics represent any solution that supports the identification of meaningful patterns and correlations among variables in complex, structured, unstructured, historical, and potential future data sets for the purposes of predicting events and assessing the attractiveness of various courses of action.
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Perspective Tools to Improve Machine Learning Applications for Cyber Security
Is the use of data, statistical algorithms, and machine learning techniques to identify the likelihood of future outcomes based on empirical data.
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New Tools for Cyber Security Using Blockchain Technology and Avatar-Based Management Technique
Is the use of data, statistical algorithms and machine learning techniques to identify the likelihood of future outcomes based on empirical data.
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Real-Time Bidding Advertising: Challenges and Opportunities for Advertising Curriculum, Research, and Practice
A technique used in many business areas to enable organizations and companies to make more informed business discussions by making inference from analyzing patterns and relationships in consumer behavior data. A term refers to the procedure and technique to enable researchers or businesses to extra information from existing datasets to identify consumer behavioral patterns and insights to predict future trends and outcomes.
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Electronic Health Records (EHR) and Clinical Decision Support Systems: Integrating AI Solutions
Estimating future outcomes' probability using data, statistical algorithms, and machine learning methods based on past performance.
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Trustworthy Artificial Intelligence and Machine Learning: Implications on Users' Security and Privacy Perceptions
Predictive analytics is another machine learning application that forecasts future outcomes by combining historical data with statistical modelling, data mining techniques, and machine learning. Businesses use predictive analytics to spot dangers, opportunities, and future trends by analyzing trends in this data.
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Nonprofit Fundraising Transformation through Analytics
Predictive analytics is the process of extracting patterns from past data in order to predict future outcomes and trends.
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Improving Transportation Planning Using Machine Learning
A subset of data science, where the main goal is to predict the future outcomes.
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IT Strategy Follows Digitalization
Predictive analytics is the branch of data mining concerned with the prediction of future probabilities and trends. The central element of predictive analytics is the predictor, a variable that can be measured for an individual or other entity to predict future behavior.
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Supply Chain Analytics in the Era of Big Data
The analysis of data to determine how likely events will occur in the future.
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