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Predictive Analytics

A general term for using simple and complex models to predict what will happen to support decision making. A process of using a quantitative model and current real-time or historical data to generate a score that is predictive of future behavior. Statistical analysis of historical data identifies a predictive model to support a specific decision task. The decision task may be determining who to target in a marketing campaign, what products to stock, possibility of fraud, or who the "best" customers are for a firm. Using historical data, predictor variables are identified for building quantitative or business rule models. The model makes a prediction for a decision task. Predicting future demand or credit default are tasks that often involve analytical models. Statistical tools, data mining and game theory are used to analyze current and historical facts to make predictions about future events. Predictive models can and often are included in model-driven DSS.

Related Terms: analytics

from http://en.wikipedia.org/wiki/Predictive_analytics


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