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The demand for real-time online data analysis tools is increasing and the arrival of the IoT (Internet of Things) is also bringing an uncountable amount of data, which will promote the statistical analysis and management at the top of the priorities list. Industries harness predictiveanalytics in different ways.
Using the same statistical terminology, the conditional probability P(Y|X) (the probability of Y occurring, given the presence of precondition X) is an expression of predictiveanalytics. By exploring and analyzing the business data, analysts and data scientists can search for and uncover such predictive relationships.
Innovations such as AI-driven analytics, interactive dashboards , and predictivemodeling set these companies apart. Boasting a user-centric approach, Alteryx’s key features include drag-and-drop functionalities and predictivemodeling capabilities.
Rightly or wrongly, enterprises are often quite sloppy about analytic accuracy. In predictiveanalytics, it’s straightforward to quantify how much additional value you’re leaving on the table with your imperfect accuracy. My two central examples have long been inaccurate metrics and false-positive alerts.
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