Talk:Predictive analytics/Archive 1: Difference between revisions

Revision as of 21:22, 19 June 2015

Revision as of 10:52, 9 December 2015

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Isn't computer simulation a predicive analysis also? it's definitely a decision support system, and it predicts future outcome using known data, much like data mining.

I think it should be added as an additional tool for Predictive analytics. [[Special:Contributions/134.191.232.68|134.191.232.68]] ([[User talk:134.191.232.68|talk]]) 13:52, 21 April 2012 (UTC)

==Merge with forecasting?==

I propose a merger with [[forecasting]]. Predictive analytics is the more complete article, but I think forecasting is the term that is more likely to be searched for.

[[User:Apdevries|Apdevries]] 20:54, 2 September 2006 (UTC)

:I totally agree with you. KT Forecast Manager 4 September 2006

::I took a look at forecasting and I think you guys are probably right.[[User:CommodiCast|CommodiCast]] 19:48, 5 September 2006 (UTC)

:::I am not so sure that I would take this view. There are three types of predictive analytics listed in the article and I am not sure that the term forecasting would encompass the descriptive and decision types. I also think that forecasting is a relatively generic term used in many disiplines while predictive analytics is a term for family of statistical procedures.--[[User:Jparrishucf|Jparrishucf]] 01:04, 7 September 2006 (UTC)

::::On the whole I agree with the last post. In my experience the term "forecasting" is predominately used where time/chronology are factors in the modelling process. Hence i would support the argument that "forecasting" is a form/subset of "predictive analytics". i also think that "predicting" is perhaps a more commonly used term than "forecasting".--[[User:John McConnell|John McConnell]] 10:23, 9 September 2006 (UTC)

::::The two should definitely not be merged. Forecasting will predict how many ice cream cones will be purchased. Predictive analytics will predict which customers are likely to buy an ice cream cone. For each individual element (customer), predictive analytics makes a prediction (score). That is, the primary use of the term predictive analytics refers to an application of predictive modeling (usually in a business context), where the model applies over individual elements. (Therefore, predictive analytics could generate an overall forecast, although it may not be the most accurate way to forecast volume, if the overall/high-level forecast/volume-count is your goal). (Eric Siegel, Ph.D., consultant in predictive analytics)

:: It looks like the arguments against merger are pretty good. I am removing the merge tag.[[User:CommodiCast|CommodiCast]] 15:38, 15 September 2006 (UTC)

:::Yes, I agree. I plan to improve the [[forecasting]] article, and will then make a more explicit reference to forecasting from the predictive analytics page. [[User:Apdevries|Apdevries]] 21:51, 15 September 2006 (UTC)

::::I see that this is an old discussion, and I see that these two articles have not been merged. However, I still think that it might be valuable for me to articulate why I think these two articles should not be merged. The term forecasting is usually used to describe situations in which the thing being forecasted involves the specification of a projected series of data: multiple points in time, often with trends and seasonal patterns. The prototypical analytic technique is ARIMA modeling. However, the term predictive modeling is usually used to describe situations in which the thing being predicted is a behavior or event. Examples of this are predicting who someone will vote for in a specific election, whether or not a person will respond to a direct marketing offer, or the size of the donation a person will make to charity.[[User:Krexer|Karl]] ([[User talk:Krexer|talk]]) 22:11, 7 December 2012 (UTC)