Top Predictive Modelling Techniques Poll

Predictive modelling is the process by which a model is created or chosen to try to best predict the probability of an outcome. Organizations can use predictive modeling to address different issues. From retail, healthcare, energy, utilities, telecoms, finance, e-commerce to government, predictive models are being utilized across various sectors to tackle all kinds of business problems. Organizations that have yet to benefit from this practice need to examine the ways in which they can do so.

Organizations want to know whether certain products or services they plan on releasing will be successful, whether their customer base will expand or shrink based on a strategic decision, or whether their investments will pan out as desired.

Considering the reduced costs of technology, data collection, analysis and storage, in addition to recent innovations and increased power of sophisticated data science and analytics, predictive modeling is now available to both small and mid-sized organizations at reasonable cost.

Several techniques – according to the nature of the business problem and current conditions – can be used when conducting predictive modeling. These include regression techniques, time series models, decision trees, and machine learning methods, among others.