27 February 2015

📊Business Intelligence: Predictive Analytics (Definitions)

"Includes a variety of statistical and data mining techniques to analyze historical and current data to make predictions about the future." (Paulraj Ponniah, "Data Warehousing Fundamentals for IT Professionals", 2010)

"An area of statistical analysis that deals with extracting information from data and using it to predict future trends and behavior patterns." (DAMA International, "The DAMA Dictionary of Data Management", 2011)

"The branch of data mining that focuses on forecasting trends (e.g., regression analysis) and estimating probabilities of future events. Business analytics, as it is also called, provides the models, which are formulas or algorithms, and procedures to BI." (Linda Volonino & Efraim Turban, "Information Technology for Management 8th Ed", 2011)

"A statistical or data-mining solution consisting of algorithms and techniques that can be used on both structured and unstructured data (together or individually) to determine future outcomes. It can be deployed for prediction, optimization, forecasting, simulation, and many other uses" (Marcia Kaufman et al, "Big Data For Dummies", 2013)

"A methodology for forecasting futures events and trends using a variety of technologies including statistics and artificial intelligence." (Owen P. Hall Jr., "Teaching and Using Analytics in Management Education", 2014)

"A set of data–driven tools and methods to study a system behavior over time and to predict the future outcomes." (Shokoufeh Mirzaei, "Defining a Business-Driven Optimization Problem", 2014) 

"An advanced form of analytics that uses business information to find patterns and predict future outcomes and trends; determining credit scores by looking at a customer’s credit history and other data is a typical use for predictive analytics." (Daniel Linstedt & W H Inmon, "Data Architecture: A Primer for the Data Scientist", 2014)

"Analytic methods used to make predictions. The practice of using mathematical modeling to predict outcomes." (Meta S Brown, "Data Mining For Dummies", 2014)

"Predictive analytics requires new methods and technologies by an organization to mine data to discover trends/patterns and test large numbers variables for unexpected insight." (Avnish Rastogi, "New Payment Models and Big Data Analytics", 2014)

"The practice of using statistics and data mining to analyze current and historical information to make predictions about what will happen in the future. Predictive modeling, the fitting of some data to some model, is a step in predictive analytics. Typically, predictive analytics also includes applying a model to additional data." (Brenda L Dietrich et al, "Analytics Across the Enterprise", 2014)

"Predictive analytics and modeling are statistical and analytical tools that examine and capture the complex relationships and underlying patterns among variables in the existing data in efforts to predict the future organizational performances, risks, trends, and behavior patterns". (Sema A Kalaian & Rafa M Kasim, "Predictive Analytics", 2015)

"A technique used in many business areas to enable organizations and companies to make more informed business discussions by making inference from analyzing patterns and relationships in consumer behavior data. A term refers to the procedure and technique to enable researchers or businesses to extra information from existing datasets to identify consumer behavioral patterns and insights to predict future trends and outcomes." (Kenneth C C Yang & Yowei Kang, "Real-Time Bidding Advertising: Challenges and Opportunities for Advertising Curriculum, Research, and Practice", 2016)

"A branch of advanced analytics that is used to make forecasts about future events." (Jonathan Ferrar et al, "The Power of People", 2017)

"A general term for using simple and complex models to predict what will happen, to support decision making. A process of using a quantitative model and current real-time or historical data to generate a score that is predictive of future behavior. Statistical analysis of historical data identifies a predictive model to support a specific decision task." (Daniel J Power & Ciara Heavin, "Decision Support, Analytics, and Business Intelligence" 3rd Ed., 2017)

"General term for using simple and complex ­models to support anticipatory decision making. Often a process of using a ­quantitative model and current real-time or historical data to generate a score that is predictive of future behavior." (Daniel J. Power & Ciara Heavin, "Data-Based Decision Making and Digital Transformation", 2018)

"[...] predictive analytics is about predicting the future outcomes. It also involves forecasting demand, sales, and profits for a company. The commonly used techniques for predictive analytics are different types of regression and forecasting models. Some advanced techniques are data mining, machine learning, neural networks, and advanced statistical models." (Amar Sahay, "Business Analytics" Vol. I, 2018)

"Predictive analytics is the branch of data mining concerned with the prediction of future probabilities and trends. The central element of predictive analytics is the predictor, a variable that can be measured for an individual or other entity to predict future behavior." (Thomas Ochs & Ute A Riemann, "IT Strategy Follows Digitalization", 2018)

"A statistical or data mining solution consisting of algorithms and techniques that can be used for both structured and unstructured data to determine future outcomes." (K Hariharanath, "BIG Data: An Enabler in Developing Business Models in Cloud Computing Environments", 2019)

"Predictive analytics is the branch of data mining concerned with the prediction of future probabilities and trends. The central element of predictive analytics is the predictor, a variable that can be measured for an individual or other entity to predict future behavior." (Thomas Ochs & Ute A Riemann, "IT Strategy Follows Digitalization", 2019)

"Predictive analytics represent any solution that supports the identification of meaningful patterns and correlations among variables in complex, structured, unstructured, historical, and potential future data sets for the purposes of predicting events and assessing the attractiveness of various courses of action." (Satyadhyan Chickerur et al, "Forecasting the Demand of Agricultural Crops/Commodity Using Business Intelligence Framework", 2019)

"A process for analyzing data in a manner that seeks to predict a likely future scenario or outcome. It can be used to improve decision making, mitigate risk, improve operations, and identify best practices." (Mike Gregory & Cynthia Roberts, "Maturing an Information Technology Privacy Program: Assessment, Improvement, and Change Leadership", 2020)

"It is a statistical process for denoting the average relationship between two or more factors with the involvement of dependent and independent variables." (Selvan C & S R Balasundaram, "Data Analysis in Context-Based Statistical Modeling in Predictive Analytics", 2021)

"A type of data analytics which identifies trends in historical datasets and uses those trends to forecast future performance, such as predicted sales revenue or demand." (Board International)

"[...] describes the practice of using historical data to predict future outcomes. It combines mathematical models (or 'predictive algorithms') with historical data to calculate the likelihood (or degree to which) something will happen." (Accenture)

"Techniques, tools, and technologies that use data to find models - models that can anticipate outcomes with a significant probability of accuracy." (Forrester)

"the practice of extracting information from existing data sets in order to determine patterns and predict future outcomes and trends. Applied to business, predictive models and analysis are used to analyze current data and historical facts in order to better understand customers, products and partners and to identify potential risks and opportunities for a company." (KDnuggets)

"Predictive analytics is a form of advanced analytics that uses both new and historical data to forecast activity, behavior and trends. It involves applying statistical analysis techniques, analytical queries and automated machine learning algorithms to data sets to create predictive models that place a numerical value - or score - on the likelihood of a particular event happening." (Techtarget) [source]

"Predictive analytics is a set of methods and technologies that can be used to analyze current and historical data with the goal of making predictions about future events. Predictive analytics includes a wide variety of mathematical modeling and computer science techniques with the common goal of using past events to indicate the probability or likelihood of a future event." (Sumo Logic) [source]

"Predictive analytics is a sub-division of advanced analytics and focuses on the identification of future events and values with their respective probabilities." (BI Survey) [source]

"Predictive analytics is an area of data mining that is related to the overall prediction of future probabilities and trends. It uses historical data, machine learning, and AI to predict what will happen in the future." (Logi Analytics) [source]

"Predictive Analytics is the practice of employing statistics and modeling techniques to extract information from current and historical datasets in order to predict potential future outcomes and trends." (OmiSci) [source]

"Predictive analytics is the umbrella term for analyzing patterns found in data to predict future behavior or results. It includes techniques and algorithms found in statistics, machine learning, artificial intelligence, and data mining." (TDWI)

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