From the course: Business Analytics Foundations: Predictive, Prescriptive, and Experimental Analytics
Join today to access over 22,500 courses taught by industry experts or purchase this course individually.
PRA definition
From the course: Business Analytics Foundations: Predictive, Prescriptive, and Experimental Analytics
PRA definition
- [Instructor] Let us now start exploring the hot topic in analytics, predictive analytics. What is predictive analytics? It answers the question, what will happen. The goal of predictive analytics is to identify the likelihood of future outcomes based on historical data, statistics, and machine learning. It tries to predict the behavior of humans or systems based on trends identified earlier. What does it cover? First and foremost, predictive analytics deals with data-driven prediction, not logic or intuition driven. Humans have predicted, for centuries, using intuition and experience. But predictive analytics is allowing a machine, or an algorithm, or a formula to do it based on data. Predictive analytics uses past historical data to understand how various entities behave under business situations. It usually requires large quantities of data to build reliable models of behavior or performance. Predictive analytics uses automation and machine learning to digest large quantities of…
Practice while you learn with exercise files
Download the files the instructor uses to teach the course. Follow along and learn by watching, listening and practicing.
Download courses and learn on the go
Watch courses on your mobile device without an internet connection. Download courses using your iOS or Android LinkedIn Learning app.