Predictive Analytics

Service Description

Definition: Predictive analytics uses historical and current data, combined with machine learning, statistical models, and algorithms, to forecast future events or behaviors. It moves beyond inference to actively predict outcomes and guide decisions. Purpose: To forecast future outcomes based on patterns and relationships in existing data. Key Focus: Anticipating what is likely to happen next, given past and present data. Common Techniques: Regression and time-series forecasting Decision trees and random forests Neural networks and ensemble models Predictive maintenance and risk modeling Example (in Data Science or Lean Six Sigma): A data scientist uses machine learning to predict the probability of equipment failure within the next 30 days, enabling proactive maintenance scheduling and reduced downtime.