Content deleted Content added
Restored revision 1267586623 by 2601:647:300:9A70:38DB:71AB:795E:1252 (talk): Rv blog spam as cite |
No edit summary Tags: Reverted Visual edit |
||
Line 6:
In business, predictive models exploit [[Pattern detection|patterns]] found in historical and transactional data to identify risks and opportunities. Models capture relationships among many factors to allow assessment of risk or potential associated with a particular set of conditions, guiding [[decision-making]] for candidate transactions.<ref>{{Cite book |last=Coker |first=Frank |title=Pulse: Understanding the Vital Signs of Your Business (1st ed.) |___location=Bellevue, WA |publisher=Ambient Light Publishing |year=2014 |isbn=978-0-9893086-0-1 |pages=30, 39, 42, more}}</ref>
The defining functional effect of these technical approaches is that [https://www.galaxyweblinks.com/blog/predictive-analytics-inventory-management predictive analytics provides a predictive score] (probability) for each individual (customer, employee, healthcare patient, product SKU, vehicle, component, machine, or other organizational unit) in order to determine, inform, or influence organizational processes that pertain across large numbers of individuals, such as in marketing, credit risk assessment, fraud detection, manufacturing, healthcare, and government operations including law enforcement.
== Definition ==
| |||