October 2012
Beginner to intermediate
398 pages
10h 22m
English
book
Win with Advanced Business Analytics: Creating Business Value from Your Data
by Jean Paul Isson, Jesse Harriott
Content preview from Win with Advanced Business Analytics: Creating Business Value from Your DataBecome an O’Reilly member and get unlimited access to this title plus top books and audiobooks from O’Reilly and nearly 200 top publishers, thousands of courses curated by job role, 150+ live events each month,
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PREDICTION STAGE
Predicting the future is the centerpiece of predictive analytics and the heart of this chapter. Prediction is about providing information on what will happen, what could happen, and what actions are needed. Predicting the future is based on analytics that include predictive models and forecasting.
Predictive Models
Predictive models aim to address the who, when, and why questions for business issues, such as those related to customer behavior, product usage, and likelihood to purchase. Questions we can answer with predictive models include
- Which of my existing customers will turn to the competition?
- Why will my existing customers leave?
- When will my customers leave?
- Whom can we retain?
- Why would a new prospect convert to being a customer?
- When will a prospect convert to being a customer?
- Who will buy?
- What will they buy?
- Whom can we acquire?
- Which product and services will a customer buy next?
- Who is more likely to default on a payment?
- What are our probable costs?
- What are our liabilities?
- What are our future revenues?
Predictive models help executives make informed strategic, operational, and tactical decisions, to prevent and predict transactions or risks or improve the insight into your customers’/members’ behavior.
Forecasting
Forecasting will generally provide answers to questions such as: How many customers will you lose in the next 6 months to competition? How many people will be affected with a certain pandemic disease in the next 12 months in a given ...
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O’Reilly covers everything we've got, with content to help us build a world-class technology community, upgrade the capabilities and competencies of our teams, and improve overall team performance as well as their engagement.Julian F.
I wanted to learn C and C++, but it didn't click for me until I picked up an O'Reilly book. When I went on the O’Reilly platform, I was astonished to find all the books there, plus live events and sandboxes so you could play around with the technology.Addison B.
I’ve been on the O’Reilly platform for more than eight years. I use a couple of learning platforms, but I'm on O'Reilly more than anybody else. When you're there, you start learning. I'm never disappointed.Amir M.
I'm always learning. So when I got on to O'Reilly, I was like a kid in a candy store. There are playlists. There are answers. There's on-demand training. It's worth its weight in gold, in terms of what it allows me to do.