what is predictive modelling

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What is Predictive modelling?
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Table Of Content

1. What is Predictive modelling?
2. Why is Predictive modelling Important?
3. How Does Predictive modelling Work?
4. Applications of Predictive modelling

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What is Predictive modelling?
By looking for similarities in a set of data
inputs, predictive modelling uses mathematics to
foretell future occurrences or results. It is an
essential part of predictive analytics, which
uses both recent and old data to forecast
activity, behaviour, and trends. Predictive
modelling applications include determining the
worth of a sales lead, the potential existence
of spam, or the probability that a user would
click a link or make a purchase.
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Why is Predictive modelling Important?
According to patterns and trends in historical
data, predictive modelling forecasts likely
future events. Predictions from an example can
guide short-term choices like periodic efforts
to retain students and long-term choices like
prioritising marketing to specific enrolment
possibilities.
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How Does Predictive modelling Work?
A popular statistical method for forecasting
behaviour is predictive modelling. Data- mining
technology called predictive modelling solutions
creates a model by analysing past and present
data and using it to forecast future results.
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Applications of Predictive modelling
Predictive models examine prior performance to
determine whether or not a consumer is to
display a given behaviour in the future. The
latter group also includes models, such as
fraud identification models, that look for
subtle data trends to address inquiries
regarding client behaviour.
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