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Predictive model solutions can be considered a type of data mining technology. The models can analyze both historical and current data and generate a model in order to predict potential future outcomes. [14] Regardless of the methodology used, in general, the process of creating predictive models involves the same steps.
Predictive models can be built for different assets like stocks, futures, currencies, commodities etc. [citation needed] Predictive modeling is still extensively used by trading firms to devise strategies and trade. It utilizes mathematically advanced software to evaluate indicators on price, volume, open interest and other historical data, to ...
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 ...
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]
The Predictive Model Markup Language (PMML) is an XML-based predictive model interchange format conceived by Robert Lee Grossman, then the director of the National Center for Data Mining at the University of Illinois at Chicago.
Decision tree learning is a supervised learning approach used in statistics, data mining and machine learning.In this formalism, a classification or regression decision tree is used as a predictive model to draw conclusions about a set of observations.
Uplift modelling, also known as incremental modelling, true lift modelling, or net modelling is a predictive modelling technique that directly models the incremental impact of a treatment (such as a direct marketing action) on an individual's behaviour.
IBM SPSS Modeler is a data mining and text analytics software application from IBM.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.