4 Data Analytics
4.1 Data-Driven and Model-Driven Approaches
Enhanced analytics, based on a combination of data-driven and model-driven approaches, aims to bring insight into asset management by enabling the capability of nowcasting and forecasting (Figure 4.1).
- Nowcasting aims to provide understanding of the current situation and the asset’s current condition by providing insight into (Karim et al., 2016):
- What happened in the past?
- Why did something happen?
- Forecasting aims to provide understanding of the future situation and the asset’s estimated condition ...
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