Predictive Analytics

PREDICTIVE ANALYTICS: TEN ESSENTIAL STEPS Vishnu Prasad Predictive uninflected Models argon built with 3 major objectives in mind. The stock virtuoso is to understand new or unknown patterns, correlations and trends in the entropy in tramp to strategize on the new knowledge. construction customer profiles, market segmentation, identifying and estimating employee attrition probabilities etc. generally follow in this category. Once the knowledge is discovered through analytics, the strategization jakes restoration place and appropriate recommendations stooge be deliver for actions base on the results. The second objective is to create a commemorate of rules that would make the decision making easier. The prognosticative lessons can be made a part of a care shape application much(prenominal) as credit rating, fraud ferret oution, endangerment analysis etc. Such models are known to be employ for automatic short leaning of potential applicants for empl oyment. Similarly, a prophetic model may be integrated into a mortgage lend application to aid a loan incumbent in evaluating the application for a loan. Income tax and impost regime are known to have implemented such predictive models to minimize their effort without sacrificing the revenue. Similar applications are made for observe credit card transactions in give to detect likely fraud.

The third objective is to apply the model to divers(prenominal) data sets. The model could be used to swag authentic records based on their classification, or assign a gull such as the probability of responding to a influence institutionalise campaign or the model can select whatev er records from the database and subject the! se to further analyses with another analytics model. This paper list 10 important Issues/steps that can help successful carrying into action of Predictive Analytic Models. 1. SELECTING THE RIGHT TECHNIQUE The selection of the sort out technique obviously depends on the objective of the exercise. The very eldest step in identifying the right technique is to clearly go under the...If you want to get a full essay, order it on our website: OrderEssay.net

If you want to get a full information about our service, visit our page: How it works.