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What is Predictive Analytics

Chapter 145
Encyclopedia of Business Analytics and Optimization
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.
Published in Chapter:
New Payment Models and Big Data Analytics
Avnish Rastogi (Oracle Corp, USA)
Copyright: © 2014 |Pages: 15
DOI: 10.4018/978-1-4666-5202-6.ch145
Abstract
It has been fascinating to watch how American healthcare delivery system is going through a paradigm shift to meet new government mandates and bend the care delivery cost curve. For years, US health care system has been fragmented and falling short on quality, outcomes, costs, and lacking framework to support care continuum. According to the study conducted by National Research Council and the Institute of Medicine, for many years, US population has been dying at the younger age than population with similar characteristics in other countries such as Canada, Australia and Japan. When compared with the peer countries, US Population did worse in health areas such as drug related deaths, obesity, chronic diseases, disability, etc. (Institute of Medicine of the National Academics. 2013 in, U.S Health in International Perspective Shorter Lives, Poorer Health.)
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Chapter 5
The Digital Transformation: Crafting Customer Engagement Strategies for Success
In the field of data analytics, predictive analytics employs machine learning and statistical algorithms to find trends and forecast future results or events.
Published in Chapter: The Digital Transformation: Crafting Customer Engagement Strategies for Success; From: Digital Technologies, Ethics, and Decentralization in the Digital Era
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Chapter 2
Impact of Artificial Intelligence on Marketing Research: Challenges and Ethical Considerations
The use of data, statistical algorithms, and machine learning techniques to identify the likelihood of future outcomes based on historical data.
Published in Chapter: Impact of Artificial Intelligence on Marketing Research: Challenges and Ethical Considerations; From: Philosophy of Artificial Intelligence and Its Place in Society
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Chapter 75
IT Strategy Follows Digitalization
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.
Published in Chapter: IT Strategy Follows Digitalization; From: Encyclopedia of Information Science and Technology, Fourth Edition
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Chapter 6
Maturing an Information Technology Privacy Program: Assessment, Improvement, and Change Leadership
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.
Published in Chapter: Maturing an Information Technology Privacy Program: Assessment, Improvement, and Change Leadership; From: Evaluating Challenges and Opportunities for Healthcare Reform
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Chapter 13
Investigation Into the Barriers to AI Adoption in ESG Integration and Identification of Strategies to Overcome These Challenges
Predictive analyzes depend on the combination of data, statistical algorithms, as well as machine learning methods to reach the profiles of the future results or patterns only by the past representations.
Published in Chapter: Investigation Into the Barriers to AI Adoption in ESG Integration and Identification of Strategies to Overcome These Challenges; From: Social and Ethical Implications of AI in Finance for Sustainability
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Chapter 157
In-Memory Analytics
The analytics of data for forecasting outcomes, provides an answer to what will happen, based on estimates issued from probabilities and statistical analyses.
Published in Chapter: In-Memory Analytics; From: Encyclopedia of Information Science and Technology, Fourth Edition
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Chapter 4
Leveraging OpenAI for Enhanced Multifactor Productivity in Chinese Businesses
The use of data, statistical algorithms, and machine learning techniques to identify the likelihood of future outcomes based on historical data.
Published in Chapter: Leveraging OpenAI for Enhanced Multifactor Productivity in Chinese Businesses; From: Generative AI and Multifactor Productivity in Business
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Chapter 9
Deep Learning in Engineering Education: Performance Prediction Using Cuckoo-Based Hybrid Classification
Exploration of data to predict the future using various methods like statistics, machine learning etc.
Published in Chapter: Deep Learning in Engineering Education: Performance Prediction Using Cuckoo-Based Hybrid Classification; From: Machine Learning and Deep Learning in Real-Time Applications
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Chapter 13
Building Global Citizens: Empathy, the Limits of Human Nature, and First Steps towards Social Equality through E-Learning Assignments
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Chapter 1
Business Analytics and Big Data: Driving Organizational Change
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Chapter 81
Data-Driven Clinical Decision Support Systems Theory and Research
Data, statistical models, and ML techniques are used in predictive analytics to predict the likelihood of future outcomes based on past data.
Published in Chapter: Data-Driven Clinical Decision Support Systems Theory and Research; From: Encyclopedia of Data Science and Machine Learning
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Chapter 18
Predictive Analytics for Equipment Maintenance Operations: A Case Study From the Semiconductor Industry
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Chapter 10
Deep Learning in Engineering Education: Implementing a Deep Learning Approach for the Performance Prediction in Educational Information Systems
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Chapter 4
How to Implement the Supply Chain Digital Segmentation Strategy Successfully
According to Wikipedia: Predictive analytics encompasses a variety of statistical techniques from predictive modelling, machine learning, and data mining that analyze current and historical facts to make predictions about future or otherwise unknown events.
Published in Chapter: How to Implement the Supply Chain Digital Segmentation Strategy Successfully; From: Digital Supply Chain, Disruptive Environments, and the Impact on Retailers
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Chapter 6
A New Model for the Digital Transformation of the Strategic Procurement Function: A Case Study From the Aviation Industry
Analysis that uses past performance data and aims at forecasting developments. By extrapolating data, this technique helps to detect trends and hidden relationships to predict developments. Predictive analytics provide answers to the question: What will happen?
Published in Chapter: A New Model for the Digital Transformation of the Strategic Procurement Function: A Case Study From the Aviation Industry; From: Handbook of Research on Digital Transformation, Industry Use Cases, and the Impact of Disruptive Technologies
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Chapter 66
Defining a Business-Driven Optimization Problem
A set of data–driven tools and methods to study a system behavior over time and to predict the future outcomes.
Published in Chapter: Defining a Business-Driven Optimization Problem; From: Encyclopedia of Business Analytics and Optimization
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Chapter 6
Data Analysis in Context-Based Statistical Modeling in Predictive Analytics
The finding of new patterns is to analyze future performance of a system based on context and historical information and it is used for decision making process.
Published in Chapter: Data Analysis in Context-Based Statistical Modeling in Predictive Analytics; From: Handbook of Research on Engineering, Business, and Healthcare Applications of Data Science and Analytics
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Chapter 221
Teaching and Using Analytics in Management Education
A methodology for forecasting futures events and trends using a variety of technologies including statistics and artificial intelligence.
Published in Chapter: Teaching and Using Analytics in Management Education; From: Encyclopedia of Business Analytics and Optimization
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Chapter 18
Supply Chain Building Blocks and Post-COVID-19 Recovery Measures With Artificial Intelligence
It enables organizations to identify optimal inventory levels to meet demand while minimising excess inventory. Supply chain managers use predictive analytics to determine detailed inventory requirements by region, location, and usage.
Published in Chapter: Supply Chain Building Blocks and Post-COVID-19 Recovery Measures With Artificial Intelligence; From: Handbook of Research on Supply Chain Resiliency, Efficiency, and Visibility in the Post-Pandemic Era
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Chapter 2
Predictive Analytics
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.
Published in Chapter: Predictive Analytics; From: Handbook of Research on Organizational Transformations through Big Data Analytics
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Chapter 27
Predictive Modelling for Future Technology Development
Predictive analytics encompasses a variety of statistical techniques from data mining, predictive modelling, and machine learning that analyze current and historical facts to make predictions about future or otherwise unknown events.
Published in Chapter: Predictive Modelling for Future Technology Development; From: Handbook of Research on Future Opportunities for Technology Management Education
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Chapter 11
Valuing Social Responsibility in the Era of Data Analytics: A Process Model for Effective Practice
The use of large data sets and statistical analysis to uncover patterns and trends to predict outcomes and behaviors.
Published in Chapter: Valuing Social Responsibility in the Era of Data Analytics: A Process Model for Effective Practice; From: Examining Social Change and Social Responsibility in Higher Education
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Chapter 34
Forecasting the Demand of Agricultural Crops/Commodity Using Business Intelligence Framework
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.
Published in Chapter: Forecasting the Demand of Agricultural Crops/Commodity Using Business Intelligence Framework; From: Advanced Methodologies and Technologies in Business Operations and Management
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Chapter 4
An Inquiry Into the Obstacles Hindering the Widespread Use of Artificial Intelligence in Environmental, Social, and Governance Practices
The ability to forecast future outcomes is of utmost importance in the context of Environmental, Social, and Governance (ESG) factors and Artificial Intelligence (AI). Organizations will use AI-driven data to predict and prevent environmental, social, and governance risks in order to enhance their sustainability and overall performance.
Published in Chapter: An Inquiry Into the Obstacles Hindering the Widespread Use of Artificial Intelligence in Environmental, Social, and Governance Practices; From: The Ethical Frontier of AI and Data Analysis
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Chapter 7
BIG Data: An Enabler in Developing Business Models in Cloud Computing Environments
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.
Published in Chapter: BIG Data: An Enabler in Developing Business Models in Cloud Computing Environments; From: Global Virtual Enterprises in Cloud Computing Environments
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Chapter 50
An Intelligent Virtual Medical Assistant for Healthcare Prediction
It is the branch of data analytics to get predictions on the future by using historical data with current conditions by means of applying statistical algorithms, machine learning algorithms etc. Example: Sales forecasting, Share market price forecasting, Weather forecasting, etc.
Published in Chapter: An Intelligent Virtual Medical Assistant for Healthcare Prediction; From: Encyclopedia of Data Science and Machine Learning
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Chapter 9
Customer Service Bots: Enhancing Support and Personalization
Predictive Analytics involves using data, statistical algorithms, and machine learning techniques to identify patterns, trends, and future outcomes, allowing organizations to make informed decisions and predictions.
Published in Chapter: Customer Service Bots: Enhancing Support and Personalization; From: Design and Development of Emerging Chatbot Technology
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Chapter 29
Big Data Analytics and Visualization of Performance of Stock Exchange Companies Based on Balanced Scorecard Indicators
Predictive analytics include statistical models and other empirical methods that are aimed at creating empirical predictions (as opposed to predictions that follow from theory only), as well as methods for assessing the quality of those predictions in practice (i.e., predictive power). Aside from their practical usefulness, predictive analytics play an important role in theory building, theory testing, and relevance assessment ( Shmueli & Koppius, 2011 ).
Published in Chapter: Big Data Analytics and Visualization of Performance of Stock Exchange Companies Based on Balanced Scorecard Indicators; From: Handbook of Research on Big Data Storage and Visualization Techniques
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Chapter 3
Harnessing Data Analytics and Marketing Intelligence for Sustainable Marketing Innovation
Utilizes statistical algorithms and machine learning techniques to forecast future outcomes based on historical data. In the context of marketing, it helps predict consumer behavior and trends to inform proactive marketing strategies.
Published in Chapter: Harnessing Data Analytics and Marketing Intelligence for Sustainable Marketing Innovation; From: Contemporary Trends in Innovative Marketing Strategies
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Chapter 12
Role of Artificial Intelligence in the Future Educational Paradigm
The process of utilizing data to foster future results.
Published in Chapter: Role of Artificial Intelligence in the Future Educational Paradigm; From: Preparing Students for the Future Educational Paradigm
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Chapter 12
AI-Driven Innovation in Higher Education Marketing: An Exploration of Oman's Academic Landscape
A technique that uses statistical algorithms and machine learning tools to predict a future outcome based on historical data.
Published in Chapter: AI-Driven Innovation in Higher Education Marketing: An Exploration of Oman's Academic Landscape; From: Utilizing AI for Assessment, Grading, and Feedback in Higher Education
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Chapter 7
Beyond Pandemic: Accelerating Artificial Intelligence and Financial Analytics
It uses a variety of statistical methods from data mining, predictive modelling, and machine learning. It analyzes the current and historical data to make predictions about the future.
Published in Chapter: Beyond Pandemic: Accelerating Artificial Intelligence and Financial Analytics; From: Economic Impact and Recovery Following a Global Health Crisis
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Chapter 8
Using Deep Learning and Big Data Analytics for Managing Cyber-Attacks
Predictive analytics is a form of advanced analytics that uses historical data, statistical modelling, data mining techniques, and machine learning to create predictions about future outcomes. It is extensively used to identify dangers and opportunities in businesses.
Published in Chapter: Using Deep Learning and Big Data Analytics for Managing Cyber-Attacks; From: New Approaches to Data Analytics and Internet of Things Through Digital Twin
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Chapter 73
Forecasting the Demand of Agricultural Crops/Commodity Using Business Intelligence Framework
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.
Published in Chapter: Forecasting the Demand of Agricultural Crops/Commodity Using Business Intelligence Framework; From: Encyclopedia of Information Science and Technology, Fourth Edition
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Chapter 71
Perspective Tools to Improve Machine Learning Applications for Cyber Security
Is the use of data, statistical algorithms, and machine learning techniques to identify the likelihood of future outcomes based on empirical data.
Published in Chapter: Perspective Tools to Improve Machine Learning Applications for Cyber Security; From: Encyclopedia of Criminal Activities and the Deep Web
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Chapter 5
Synergizing Success: Harnessing AI-Infused Business Intelligence to Propel Exponential Business Growth
Predictive analytics is the process of using historical data and statistical algorithms to forecast future trends, behaviors, or outcomes. In the context of BI, it involves AI-driven models for predicting various aspects of business operations.
Published in Chapter: Synergizing Success: Harnessing AI-Infused Business Intelligence to Propel Exponential Business Growth; From: Data-Driven Business Intelligence Systems for Socio-Technical Organizations
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Chapter 4
New Tools for Cyber Security Using Blockchain Technology and Avatar-Based Management Technique
Is the use of data, statistical algorithms and machine learning techniques to identify the likelihood of future outcomes based on empirical data.
Published in Chapter: New Tools for Cyber Security Using Blockchain Technology and Avatar-Based Management Technique; From: Machine Learning and Cognitive Science Applications in Cyber Security
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Chapter 91
Real-Time Bidding Advertising: Challenges and Opportunities for Advertising Curriculum, Research, and Practice
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.
Published in Chapter: Real-Time Bidding Advertising: Challenges and Opportunities for Advertising Curriculum, Research, and Practice; From: Encyclopedia of E-Commerce Development, Implementation, and Management
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Chapter 13
Electronic Health Records (EHR) and Clinical Decision Support Systems: Integrating AI Solutions
Estimating future outcomes' probability using data, statistical algorithms, and machine learning methods based on past performance.
Published in Chapter: Electronic Health Records (EHR) and Clinical Decision Support Systems: Integrating AI Solutions; From: Handbook of Research on Innovative Approaches to Information Technology in Library and Information Science
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Chapter 4
Trustworthy Artificial Intelligence and Machine Learning: Implications on Users' Security and Privacy Perceptions
Predictive analytics is another machine learning application that forecasts future outcomes by combining historical data with statistical modelling, data mining techniques, and machine learning. Businesses use predictive analytics to spot dangers, opportunities, and future trends by analyzing trends in this data.
Published in Chapter: Trustworthy Artificial Intelligence and Machine Learning: Implications on Users' Security and Privacy Perceptions; From: Confronting Security and Privacy Challenges in Digital Marketing
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Chapter 9
Nonprofit Fundraising Transformation through Analytics
Predictive analytics is the process of extracting patterns from past data in order to predict future outcomes and trends.
Published in Chapter: Nonprofit Fundraising Transformation through Analytics; From: Handbook of Research on Organizational Transformations through Big Data Analytics
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Chapter 13
The Nexus of Healthcare and Technology: A Thematic Analysis of Digital Transformation Through Artificial Intelligence
Predictive Analytics refers to the use of data, statistical algorithms, and machine learning techniques to identify the likelihood of future outcomes based on historical data. In healthcare, it is used to make predictions about patient health events, such as disease risk, treatment outcomes, and hospital readmission likelihoods.
Published in Chapter: The Nexus of Healthcare and Technology: A Thematic Analysis of Digital Transformation Through Artificial Intelligence; From: Transformative Approaches to Patient Literacy and Healthcare Innovation
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Chapter 184
Improving Transportation Planning Using Machine Learning
A subset of data science, where the main goal is to predict the future outcomes.
Published in Chapter: Improving Transportation Planning Using Machine Learning; From: Encyclopedia of Data Science and Machine Learning
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Chapter 36
IT Strategy Follows Digitalization
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.
Published in Chapter: IT Strategy Follows Digitalization; From: Advanced Methodologies and Technologies in Business Operations and Management
Full Text Chapter Download: US $37.50 Add to Cart
Chapter 211
Supply Chain Analytics in the Era of Big Data
The analysis of data to determine how likely events will occur in the future.
Published in Chapter: Supply Chain Analytics in the Era of Big Data; From: Encyclopedia of Business Analytics and Optimization
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