ECONOMICS

Detailed explanation-1: -Predictive analytics uses historical data to predict future events. Typically, historical data is used to build a mathematical model that captures important trends. That predictive model is then used on current data to predict what will happen next, or to suggest actions to take for optimal outcomes.

Detailed explanation-2: -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.

Detailed explanation-3: -Predictive analytics is robust and plays a crucial role in predicting future data. For accuracy, it’s better to understand the objectives for the business you are doing, along with the proper techniques applicable for it to get you the best results.

Detailed explanation-4: -Predictive analytics is a branch of advanced analytics that makes predictions about future outcomes using historical data combined with statistical modeling, data mining techniques and machine learning.