MATH 533 Week 7 Discussion; Predictive Analytics (Keller)

Week 7: Predictive Analytics Predictive analytics in business is an important application of multiple regression analysis. Generally speaking, what is meant by predictive analytics? As a business owner, how could you use regression analysis and predictive analytics to increase your company's sales? View Instructor posts View My Posts Search entries or author Filter replies by unread UnreadCollapse replies Expand replies SubscribedThis topic was locked Feb 20 at 11:59pm. • Collapse SubdiscussionPenka MarinovaPenka MarinovaJan 16, 2022Jan 16 at 3:17pm Manage Discussion EntryDear students, Welcome to Week 7 discussion. Predictive analytics in business is an important application of multiple regression analysis. Generally speaking, what is meant by predictive analytics? As a business owner, how could you use regression analysis and predictive analytics to increase your company's sales? I look forward to reading your posts. Please, do not forget to participate at least three different days during our week. Conversational posts are allowed and encouraged, but they will not count for grading purposes! Make sure that THREE of your posts for the week are Statistical in nature AND a direct response to the problems given above. Remember: EACH STUDENT NEEDS TO POST A MINIMUM OF 3 TIMES PER WEEK ON 3 DIFFERENT DAYS WITH THE FIRST POST NO LATER THAN WEDNESDAY! Best, PM Edited by Penka Marinova on Jan 16 at 3:17pm Read More(1 like) o Collapse SubdiscussionByungho KimByungho KimFeb 13, 2022Feb 13 at 2:40pm Manage Discussion EntryHi Professor Predictive analytics is an area of statistics that deals with extracting information from data and using it to predict trends and behavior patterns. In Predictive analytics , we can get an information the relationship between explanatory variables and the predicted variables from past occurrences, and use them to predict the unknown outcome. As a business owner, we can find a customer's preferences and a customer's value and a loyal customer based upon their past transaction and then next purchase. This will help to reduce both over stock and running out of stock in business. (1 like) ▪ Collapse SubdiscussionAbdullah JubaerAbdullah JubaerFeb 15, 2022Feb 15 at 8:17pm Manage Discussion EntryHello Byungho and class, The business analytics community has organized and classified business analytic tools into three main categories: descriptive analytics, predictive analytics, and prescriptive analytics. The predictive analytics is use to finds relationships in the data that are not readily apparent with descriptive analytics. With predictive analytics, patterns or relationships are anticipate forward in time. In this process, the past is use to make predictions about the future. In addition, it provides answers that move beyond using the historical data as the principal basis for decisions. Predictive analytics builds and assesses algorithmic models aimed at making empirical rather than theoretical predictions and is designed to predict future observations. It can help managers develop likely scenarios. Topics in predictive analytics can include regression, time- series, forecasting, simulation, data mining, statistical modeling, machine learning techniques, and others. They can also include classifying techniques, such as decision tree models and neural networks. Reference: CHAPTER 1 Introduction to Statistics and Business Analytics https://devry.vitalsource.com/reader/books/9781119591351/ep ubcfi/6/30%5B%3Bvnd.vst.idref%3DAc07%5D!/4 (Links to an external site.)▪ Collapse SubdiscussionBelal UddinBelal UddinFeb 15, 2022Feb 15 at 9:19pm Manage Discussion EntryHi I would like to expand on what my classmate has said above. I find that business analytics is very helpful in learning patterns and relationships between aspects that are very important in your business. Predictions are always based off of things that have occurred in the past, as that is the only way to assume in what direction something may go in the future. Past experience is the most important sure that you can use to make predictions and decisions regarding your business. Analytical tools also help to dissect and explore closely certain aspects of the business so that you can make predictions accurately. (1 like) ▪ Leonie SmithLeonie SmithFeb 19, 2022Feb 19 at 10:52pm Manage Discussion EntryHello, I agree with you that studying the past can be a good way to predict the future. Taking a retrospective look at events that have occurred in a business is an effective way to analyze what worked and what did not. It can help a business owner assess mistakes that may have been made that caused the business to lose money or fail. Using past experiences to predict future directions based on what worked successfully to increase profits, retain talent, or improve business processes. Using predictive models and regression analyses is one way to make future predictions and make business decisions based on sound science. ▪ Jonathan PaganJonathan PaganFeb 20, 2022Feb 20 at 3:36pm Manage Discussion EntryCustomer responses are one of the most important variables used by companies for their growth. The predictive analysis gives us customers responses or purchases. it helps companies to retain and grow their most profitable customers. Airline companies uses this type of analysis to set ticket prices. o Tahani AbdelkhaligTahani AbdelkhaligFeb 13, 2022Feb 13 at 6:13pm Manage Discussion EntryHello Everyone, Predictive analytics is the use of data, statistical algorithms, and machine learning techniques to identify the likelihood of future outcomes based on historical data. The goal is to go beyond knowing what has happened to provide a best assessment of what will happen in the future. In statistics, regression analysis is a mathematical method used to understand the relationship between a dependent variable and an independent variable. Results of this analysis demonstrate the strength of the relationship between the two variables and if the dependent variable is significantly impacted by the independent variable. (1 like) o Douglas R.B. Bunna HYPERLINK