What is a predictive analytics model? 🔊
A predictive analytics model is a statistical tool used to analyze historical data and identify patterns that can forecast future outcomes. Leveraging techniques from data mining, machine learning, and artificial intelligence, these models generate predictions about future events based on existing data trends. Common applications include customer behavior forecasting, risk assessment in finance, and predictive maintenance in manufacturing. By providing insights into potential future scenarios, predictive analytics enables organizations to make data-driven decisions, optimize operations, and enhance strategic planning.
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