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Navigating the Future: The Power and Promise of Predictive Analytics
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Author(s): G. Kothai (SRM Institute of Science and Technology, India), P. Harish (KPR Institute of Engineering and Technology, India), S. Sarankumar (KPR Institute of Engineering and Technology, India)and S. Vidhya (KPR Institute of Engineering and Technology, India)
Copyright: 2027
Pages: 26
Source title:
Encyclopedia of Modern Artificial Intelligence
Source Author(s)/Editor(s): Mehdi Khosrow-Pour, D.B.A. (Founding Editor-in-Chief, Information Resources Management Journal (IRMJ), USA)
DOI: 10.4018/406015
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Abstract
Predictive analytics is the use of statistics and modeling techniques to forecast future outcomes. It is a branch of advanced analytics that makes predictions about future outcomes using historical data combined with statistical modeling, data mining techniques and machine learning. Advancements in big data machine learning have also helped expand predictive analytics capabilities. It is all about using math and statistical models to sift through mountains of data, looking for patterns that can help to predict the future. With machine learning, we can automate the whole predictive modeling process, training algorithms to detect patterns and anomalies in the data all on their own. It serves as a powerful tool in navigating uncertain terrain, particularly for investors, financial experts, and business decision-makers seeking to mitigate risk and optimize outcomes. In essence, it acts as a guiding light, illuminating the path forward in an increasingly complex and dynamic business landscape.
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