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Unlike other BI technologies, predictive analytics is forward-looking, using past events to anticipate the future. [3] Predictive analytics statistical techniques include data modeling, machine learning, AI, deep learning algorithms and data mining. Often the unknown event of interest is in the future, but predictive analytics can be applied to ...
Prescriptive analytics is the third and final phase of business analytics, which also includes descriptive and predictive analytics. [2] [3] Referred to as the "final frontier of analytic capabilities", [4] prescriptive analytics entails the application of mathematical and computational sciences and suggests decision options for how to take advantage of the results of descriptive and ...
For exchanging the extracted models—in particular for use in predictive analytics—the key standard is the Predictive Model Markup Language (PMML), which is an XML-based language developed by the Data Mining Group (DMG) and supported as exchange format by many data mining applications. As the name suggests, it only covers prediction models ...
Descriptive analytics: gains insight from historical data with reporting, scorecards, clustering etc. Predictive analytics: employs predictive modelling using statistical and machine learning techniques; Prescriptive analytics: recommends decisions using optimization, simulation, etc.
A review and critique of data mining process models in 2009 called the CRISP-DM the "de facto standard for developing data mining and knowledge discovery projects." [ 16 ] Other reviews of CRISP-DM and data mining process models include Kurgan and Musilek's 2006 review, [ 8 ] and Azevedo and Santos' 2008 comparison of CRISP-DM and SEMMA. [ 9 ]
Data mining is a particular data analysis technique that focuses on statistical modeling and knowledge discovery for predictive rather than purely descriptive purposes, while business intelligence covers data analysis that relies heavily on aggregation, focusing mainly on business information. [4]
Neural Designer performs descriptive, diagnostic, predictive and prescriptive data analytics. It implements deep architectures with multiple non-linear layers and contains utilities to solve function regression, pattern recognition, time series and autoencoding problems. [citation needed]
It is used to build predictive models and conduct other analytic tasks. It has a visual interface which allows users to leverage statistical and data mining algorithms without programming. One of its main aims from the outset was to eliminate needless complexity in data transformations, and make complex predictive models very easy to use.