What does the term "predictive modeling" refer to in analytics? 🔊
The term "predictive modeling" in analytics refers to the use of statistical techniques and algorithms to forecast future outcomes based on historical data. This involves analyzing patterns and trends to develop models that can predict behaviors, events, or performance metrics. Predictive modeling is widely used across various industries for decision-making, risk assessment, and resource allocation, allowing organizations to proactively address challenges and seize opportunities based on anticipated developments.
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