Relatively new word to me, web analytics was more familiar. But with data mining, this not very much new. I thought to have note about Predictive Analytics, Coz Data mining is one of my job area these days.
Predictive analytics encompasses a variety of techniques from statistics and data mining that analyze current and historical data to make predictions about future events. Such predictions rarely take the form of absolute statements, and are more likely to be expressed as values that correspond to the odds of a particular event or behavior taking place in the future.
In business, predictive models exploit 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.
From Wikipedia
This is a one branch of data mining. By using historical data , we can predict the future probabilities and trends. Predictive models are used in many areas like marketing, security, genetics, and meteorology.
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How Predictive Analytics use in Marketing
Due to it is my core area, would like to further search marketing decision optimization through predictive analytics.
This article shows good insight about predictive analytics models and how marketers can smartly use it to marketing application
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