ECONOMICS

Detailed explanation-1: -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-2: -Predictive risk analytics leverages the past and present data to predict what is likely to happen and this can help organizations to respond to variables and ultimately determine the probability of growth or decline. The data also helps assess change in a company’s risk profile.

Detailed explanation-3: -Key risk indicators are metrics that predict potential risks that can negatively impact businesses. They provide a way to quantify and monitor each risk. Think of them as change-related metrics that act as an early warning risk detection system to help companies effectively monitor, manage and mitigate risks.

Detailed explanation-4: -The basic benefit of using predictive analytics tools is the method of gaining insights into the changing business trends. As a result, the user organization gains a competitive advantage over other companies in the market. Customer behaviors change frequently and with this changes the business patterns and trends.