Predictive Analytics
Predicting something is always tricky. Most of the times the prediction may go wrong. So what to do? Blame it on Statistics. My prediction will be right 50% of the time.
When I said this to my Professor B. Yegnanarayana, he commented that to get 50% predictability you need to work on mathematical models and write huge computer programs that run for days. instead he can just flip a coin!!!!
We are getting more and more into Big Data Analytics. There are numerous articles on Big Data and it is a hot topic of 2012 like SOA sometime back.
But how good is the predictive analysis is? There are number of examples which prove that if the business is looking at the right direction, they will find the pattern to solve the problem. The credit score, fraud detection, insurance etc are some of the areas where predictive analytics is used. Refer to article http://practicalanalytics.wordpress.com/predictive-analytics-101/ for more information.
This can be done in many different ways that include machine learning, game theory and data mining.
I will start blogging about each one of the areas in the coming articles.
Predicting something is always tricky. Most of the times the prediction may go wrong. So what to do? Blame it on Statistics. My prediction will be right 50% of the time.
When I said this to my Professor B. Yegnanarayana, he commented that to get 50% predictability you need to work on mathematical models and write huge computer programs that run for days. instead he can just flip a coin!!!!
We are getting more and more into Big Data Analytics. There are numerous articles on Big Data and it is a hot topic of 2012 like SOA sometime back.
But how good is the predictive analysis is? There are number of examples which prove that if the business is looking at the right direction, they will find the pattern to solve the problem. The credit score, fraud detection, insurance etc are some of the areas where predictive analytics is used. Refer to article http://practicalanalytics.wordpress.com/predictive-analytics-101/ for more information.
This can be done in many different ways that include machine learning, game theory and data mining.
I will start blogging about each one of the areas in the coming articles.
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