predictive analytics Archives

Predictive Analytics

Written by Thomas Grubbe Møller on January 12, 2023.

Predictive analytics is a type of data analysis that uses statistical algorithms and machine learning techniques to identify patterns in data and make predictions about future events. It involves analyzing current and historical data to make predictions about future events or outcomes, such as customer behavior, market trends, or risk assessment. Predictive analytics relies on data mining, machine learning, and statistical analysis to make predictions.

Descriptive analytics

Written by Thomas Grubbe Møller on January 10, 2023.

Descriptive analytics - Descriptive analytics is a type of analytics that focuses on describing what has happened in the past. - It involves summarizing and visualizing data to better understand patterns, trends, and relationships.

Prescriptive Analytics

Written by Thomas Grubbe Møller on January 2, 2023.

A note on Prescriptive Analytics - Prescriptive analytics is a type of data analysis that uses advanced mathematical and computational techniques to generate recommendations for action. - Prescriptive analytics combines data, statistical algorithms, and machine learning techniques to generate insights and recommendations that can help organizations make better decisions. - By providing organizations with specific recommendations for action, prescriptive analytics can help them optimize their operations, reduce costs, and improve performance

Descriptive analytics

Written by Thomas Grubbe Møller on December 22, 2022.

Descriptive analytics is a type of analytics that focuses on describing what has happened in the past. It involves summarizing and visualizing data to better understand patterns, trends, and relationships. Descriptive analytics is typically used to answer questions like: What has happened in the past? Descriptive analytics is an important first step in the data analysis process, as it allows organizations to understand their data and identify areas that may require further investigation.

Tag: predictive analytics