What is predictive analytics?

What is predictive analytics?

Predictive analytics is a branch of advanced analytics that uses historical data, statistical algorithms, and machine learning techniques to identify the likelihood of future outcomes based on historical data.

How is it different from descriptive analytics?

Descriptive analytics focuses on summarizing past data to understand what has happened, while predictive analytics forecasts future events based on that data.

Can you give me an example of how it's used?

Sure! Businesses use predictive analytics for customer segmentation, predicting churn, and optimizing marketing campaigns by analyzing customer behavior.

What tools are commonly used for predictive analytics?

Common tools include R, Python, SAS, and various machine learning platforms like TensorFlow and Azure Machine Learning.

Is predictive analytics applicable in healthcare?

Yes, it's widely used in healthcare for predicting patient outcomes, managing resources, and improving treatment plans.