What does the term "predictive modeling" refer to? 🔊
The term "predictive modeling" refers to a statistical technique used to forecast outcomes based on historical data. In different fields such as marketing, finance, and healthcare, predictive modeling analyzes patterns and trends to create models that can estimate future events or behaviors. By leveraging machine learning and advanced analytics, organizations can make data-driven decisions, improve risk management, and optimize marketing strategies. This approach allows businesses to anticipate customer needs and tailor their offerings, enhancing operational efficiency.
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