A manufacturing company is using IoT devices to monitor equipment health. They want to analyze this data and predict when a machine is likely to fail. This is an example of:
- Descriptive analytics
- Diagnostic analytics
- Predictive analytics
- Prescriptive analytics
Monitoring equipment health and predicting machine failures is a prime example of predictive analytics. Predictive analytics uses historical data and statistical algorithms to make predictions about future events, helping companies prevent costly machine failures.
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