Introduction to Analytics

Predictive analytics, the focus of this book, is a vital part of the business analytics continuum. The chief goal of predictive analytics, as the term predictive indicates, is to foresee future events and situations and, thereby, help decision makers to take advantage of the upcoming opportunities in a timely manner or to prevent (or at least mitigate the impact of) the problems that are about to surface. As we will discuss in more detail later in this chapter, within the business analytics continuum, predictive analytics is strategically positioned between descriptive analytics (which is primarily focused on what happened) and prescriptive analytics (which is focused on what decision should be made). Predictive analytics ...

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