Prediction

Effective Forecasting: 7 Types of Predictive Analytics Methods in BI Systems

You may not realize it, but the everyday technologies which we have come to rely on use predictive analytics. For example, your car’s navigation system uses predictive analytics when planning the fastest route to your destination. Your smartphone weather app uses a similar method to predict if it’s going to rain tomorrow or not. These days data science, and more specifically machine learning methods, dominate prediction systems and methods. Researchers are applying these systems and methods, specifically algorithms, across a wide range of everyday situations. In particular, the business world benefits from predictive analytics. Having an accurate and effective forecast can reduce overhead and increase operational stability. Advantages of successful forecasting include: Foreseeing expected fluctuations in cash flow in order to prepare for it in…