What Is Predictive Modeling? - The Friendly Statistician
What Is Predictive Modeling? Have you ever considered how retailers predict product demand during busy seasons? In this informative video, we will break down the concept of predictive modeling and its role in various industries. We’ll explain what predictive modeling is and how it utilizes data to forecast outcomes. You’ll learn about the process of gathering data, training models, and making predictions based on historical information.
We will highlight the different applications of predictive modeling, from sales forecasting to healthcare predictions. Understanding how these models work can greatly aid in decision-making processes across various fields. We’ll also touch on the importance of accuracy in predictions and the metrics used to evaluate model performance.
Whether you’re a business owner looking to optimize inventory or someone interested in the data science field, this video will provide a clear overview of predictive modeling. Join us as we simplify this complex topic and show you how data can guide future decisions. Don't forget to subscribe to our channel for more engaging discussions on measurement and data!
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