What is a key purpose of predictive analytics in business?
- Creating reports for past performance
- Identifying patterns and trends to make informed decisions
- Storing historical data
- Summarizing current data
Predictive analytics aims to identify patterns and trends in historical data to make informed decisions about the future. It involves using statistical algorithms and machine learning techniques to predict outcomes and trends based on historical data.
Loading...
Related Quiz
- Which technique is most commonly used for visualizing the distribution of a dataset?
- For a case study on reducing operational costs, which data analysis method would be most effective?
- How does a Vector Autoregression (VAR) model in time series differ from a simple AR model?
- In SQL, the _______ keyword is used to sort the result set in either ascending or descending order.
- What is the primary goal of data governance in an organization?