Join Wayne Winston for an in-depth discussion in this video On predictive analytics, part of Wayne Winston on Analytics.
We want to predict things. We want to know the future if we can.…So what are some examples of that?…Okay so three M sales Peter's team.…So three M would like to know what factors influence the sales of Peter's team.…For instance, if we cut the price, how much more will we sell?…If we advertise how much more will we sell?…Is the season of the year to what we sell?…Is a holiday important to what we sell?…Do we sell more on Memorial Day? Do we sell more on 4th of July?…And that can help us increase the profitability from the three M tape.…Another example near and dear to your heart…if you're a sport fan is football point spreads.…
Okay, or basketball point spreads.…How do the odds makers in Las Vegas…come up with the point spreads on sporting events?…So, we are taping this video during the NBA finals in 2013.…And basically in gain for, the spurs at home were a two point favor.…And they got creamed by Miami.…And that engage, so the two point favor by the Spurs means, the…bookmakers essentially think the most likely outcome is the Spurs win by two.…
- What is analytics?
- Predictive vs. prescriptive analytics
- What do you need to know to become an analytic professional?
- Looking at examples of good and bad metrics
- How mobile devices will shape analytics