BUSINESS ADMINISTRATION
BUSINESS ANALYTICS
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Descriptive Analytics
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Predictive Analytics
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Prescriptive Analytics
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Diagnostic Analytics
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Detailed explanation-1: -Predictive modeling is a commonly used statistical technique to predict future behavior. Predictive modeling solutions are a form of data-mining technology that works by analyzing historical and current data and generating a model to help predict future outcomes.
Detailed explanation-2: -Predictive analytics are used to determine customer responses or purchases, as well as promote cross-sell opportunities. Predictive models help businesses attract, retain and grow their most profitable customers. Improving operations. Many companies use predictive models to forecast inventory and manage resources.
Detailed explanation-3: -Predictive analytics is the use of data, statistical algorithms and machine learning techniques to identify the likelihood of future outcomes based on historical data. The goal is to go beyond knowing what has happened to providing a best assessment of what will happen in the future.
Detailed explanation-4: -Predictive analytics is the use of data to predict future trends and events. It uses historical data to forecast potential scenarios that can help drive strategic decisions.