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Enhancing the Reliability of Predictive Analytics Models

June 28, 2024

Predictive analytics is a branch of analytics that identifies the likelihood of future outcomes based on historical data. The goal is to provide the best assessment of what will happen in the future. Basically, predictive analytics answers the question “What will happen?” The value of predictive analytics lies in enabling business enterprises to proactively anticipate business outcomes, behaviors, and events to better plan and respond. Given its stochastic nature, having a reliable predictive analytics model is always a challenge during implementation. Here are 10 key tips to improve the reliability of predictive analytics models.