Predictive analysis consists in using statistics and modeling techniques to determine future outcomes based on current and historical data. It permits to make predictions and generate insights with a quantifiable degree of precision (accuracy), which enable the evaluation of future opportunities and risks.
Depending on the application, there are generally many diverse types of predictive approaches that can be implemented. The differences are in the assumptions regarding the relationships between explanatory variables and predicted variables. This implies that the quality of outcomes is often influenced by the ability of analyzing past occurrences, cleaning data appropriately, and making reasonable choices about the methodologies to employ.
With the help of sophisticated forecast models it becomes possible to reliably predict trends and behaviors milliseconds, days, or years into the future, thus addressing instantaneous, short, or long term decisions that bring value or costs reduction.
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