Predictive Analytics and Model-Driven Decision Support

Companies are implementing predictive analytics and quantitative models to assist managers. In line with this there is increasing demand for skilled professionals in the area of analytics and big data as discussed in chapter 4. There remain, however, important knowledge gaps about how to implement analytics and especially predictive analytics and model-driven decision support. In general, analytics refers to quantitative analysis of data. Analytics may be part of a data-driven or a model-driven DSS. Predictive analytics is about using models for predicting behavior or results. Predictive analytics can help managers make choices and develop competitive actions.

Many banks use analytics ...

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