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What Is The Need For Predictive Modeling in Data Science?
As it is a well known fact that Data Science is an umbrella term that comprises of multiple techniques like Data Mining, Data Processing, Data Modeling, Data Visualization and more. These techniques help Data Scientists to make accurate interpretations out of Big Data. Predictive Modeling is an advanced concept in Data Science that makes use of Machine Learning and Statistics Analysis to come up with accurate predictions about the occurrence of future events. Predictive Models rely heavily on the use of historical and present data. Some of prominent applications of Predictive Modeling include Weather Forecasting, Predicting Business Risks and Frauds, Predicting Stock Market Prices and more.
Predictive Modeling technique is otherwise known as Predictive Analytics, Predictive Analysis, or Machine learning. You can develop practical skills in Predictive Modeling with our Data Science Training In Hyderabad.
Prominence Of Predictive Modeling in The Field Of Business:
Predictive Modeling applications are gaining a lot of hype in the field of business. The insights generated from Predictive Models are helping businesses in finding solution to business related queries & helps in generating forecasts. To survive in this strict competitive world, businesses need to be in a position to accurately predict the occurrence of future events.
Businesses can apply Predictive Models for the following data
- Transaction Data
- CRM Data
- Customer Service Data
- Survey or Polling Data
- Digital Marketing & Advertising Data and more
Predictive Models are becoming very crucial in the business development process. By using Predictive Modeling on historical & present data businesses can generate accurate forecasts and outputs for hypothesis tests. Then by using advanced Business Intelligence tools, Data Scientists can communicate the insights to stakeholders. Using Predictive Modeling businesses can predict risks and threats, forecast the trends, and more. Gain technical expertise in the field of Predictive Modeling with our Data Science Course in Hyderabad program.
Kumar Raja is a multidisciplinary writer, and lifelong learner. He’s a Digital Marketer in the making who spends his time analyzing the developments in the tech world. He’s very passionate about helping people understand the latest trends in the tech world through his well-researched articles. He’s able to condense complicated information about the latest technologies into easily digestible articles.