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3 cards from this section. Quick, good the night before a test.
Define predictive analytics in your own words.
Think about how past data can inform future decisions.
Give one example of where predictive analytics might be used.
Consider industries where understanding customer behavior is crucial.
What is predictive analytics primarily used for?
Think about the word 'predictive'.
True or False: Predictive analytics can only be applied in financial sectors.
Consider all industries that deal with data.
A retail company analyzes customer purchase histories and notices specific customers tend to buy certain products before holidays. How can predictive analytics help the company in preparing for seasonal sales?
Think about how data helps in planning sales events.
A manufacturing plant is experiencing unexpected equipment breakdowns leading to production delays. Suggest how predictive analytics can be implemented to improve this situation.
Consider how companies know when to service their machines before they fail.
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