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Predictive & PrescriptiveAnalytics. Predictive Analytics: What could happen? We mentioned predictive analytics in our business intelligence trends article and we will stress it here as well since we find it extremely important for 2020. The commercial use of predictive analytics is a relatively new thing.
Data science is an area of expertise that combines many disciplines such as mathematics, computer science, software engineering and statistics. It focuses on data collection and management of large-scale structured and unstructureddata for various academic and business applications.
Business Intelligence describes the process of using modern data warehouse technology, data analysis and processing technology, data mining, and data display technology for visualizing, analyzing data, and delivering insightful information. What is Data Science? financial dashboard (by FineReport).
Data is usually visualized in a pictorial or graphical form such as charts, graphs, lists, maps, and comprehensive dashboards that combine these multiple formats. Data visualization is used to make the consuming, interpreting, and understanding data as simple as possible, and to make it easier to derive insights from data.
Predictive analytics: Turning insight into foresight Predictive analytics uses historical data and statistical models or machine learning algorithms to answer the question, What is likely to happen? This is where analytics begins to proactively impact decision-making. Its a symptom of needing one.
It uses advanced tools to look at raw data, gather a data set, process it, and develop insights to create meaning. Areas making up the data science field include mining, statistics, dataanalytics, data modeling, machine learning modeling and programming.
If we dig deeper, we find that two factors are really at work: Causal data versus correlated dataData maturity as it relates to business outcomes. One of the most fundamental tenets of statistical methods in the last century has focused on correlation to determine causation.
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