While both Proactive and Predictive Analysis deal with anticipating future outcomes, they have fundamental differences in approach and purpose: Proactive Analysis: Focus: Identifies potential issues or risks before they occur. Data: Primarily uses historical data but can incorporate external factors like industry trends, competitor analysis, etc. Analysis method: Often relies on qualitative analysis and expert […]
Tag: What is predictive analytics?
How to do Predictive Analysis
Predictive analysis involves using historical data to forecast future trends or outcomes. While the specific steps will vary depending on your project, here’s a general overview: 1. Define your objective: What are you trying to predict? For example, are you trying to forecast sales, customer churn, machine failure, or market trends? Having a clear objective […]
What is predictive analytics?
Predictive analytics is a branch of data analysis that uses statistical techniques and machine learning algorithms to predict future outcomes based on historical data and current trends. It empowers businesses to make informed decisions by offering insights into what might happen next. Here’s a breakdown of the key points: What it does: Analyzes historical data […]