Predictive Analytics

Predictive analytics encompasses a variety of techniques from statistics, modeling, machine learning, and data mining that analyze current and historical facts to make predictions about future events.

In business, predictive models exploit patterns found in historical and transactional data to identify risks and opportunities. Models capture relationships among many factors to allow assessment of risk or potential associated with a particular set of conditions, guiding decision making for candidate transactions.

Predictive analytics is used in actuarial science, marketing, financial services, insurance, telecommunications, retail, travel, healthcare, pharmaceuticals and other fields.

One of the most well known applications is credit scoring, which is used throughout financial services. Scoring models process a customer’s credit history, loan application, customer data, etc., in order to rank-order individuals by their likelihood of making future credit payments on time. A well-known example is the FICO score.

Read more about Predictive AnalyticsDefinition, Types, Applications, Technology and Big Data Influences On Predictive Analytics, Statistical Techniques, Tools

Other articles related to "analytic, predictive analytics, predictive":

Spotfire - Software and Use
... includes integration with "Statistics Services" and the ability to develop dynamic analytic applications that run on the web through a client called TIBCO Spotfire Web Player ... In addition, TIBCO Spotfire delivers enterprise-strength self-service predictive analytics to speed decisions and help customers achieve a two-second advantage™ ... agile R language and enables users to adapt and seamlessly implement enterprise-grade predictive models in hours, not days ...
KXEN Inc. - Predictive Analytics
... InfiniteInsight is a predictive modeling suite developed by KXEN that assists analytic professionals, and business executives to extract information from data ... target environments or building predictive models on top of SAS or SPSS data files ... Open source predictive tools like Pentaho suite or Weka are also notable competitors, since they provide similar features free of charge ...
Predictive Analytics - Tools - PMML
... In an attempt to provide a standard language for expressing predictive models, the Predictive Model Markup Language (PMML) has been proposed ... provides a way for the different tools to define predictive models and to share these between PMML compliant applications ...