 | | Word of the Day |  | | Daily updates on the latest technology terms | April 7, 2020 | | | predictive modeling | | Predictive modeling, also called predictive analytics, is a mathematical process that seeks to predict future events or outcomes by analyzing patterns within a specific set of variables that are likely to influence future results. The goal of predictive modeling is to answer this question: "Based on known past behavior, what is most likely to happen in the future?" Once data has been collected, the analyst selects and trains statistical models, using historical data. Although it may be tempting to think that big data makes predictive models more accurate, statistical theorems show that, after a certain point, feeding more data into a predictive analytics model does not improve accuracy. The old saying "All models are wrong, but some are useful" is often mentioned in terms of relying solely on predictive models to determine future action. In many use cases, including weather predictions, multiple models are run simultaneously and results are aggregated to create one final prediction. This approach is known as ensemble modeling. As additional data becomes available, the statistical models will either be validated or revised. One of the most frequently overlooked challenges of predictive modeling is acquiring the right data. By some estimates, data scientists spend about 80% of their time on this step. Continue reading... | |  |
"As the world comes to grips with the COVID-19 pandemic, various efforts are emerging to harness the talents of analysts, AI developers and data engineers. These initiatives can provide individuals and teams the opportunity to do something meaningful, work with others and learn new skills." - George Lawton
| Related Terms You Should Know crowdsourcing The CORD-19 crowdsourcing project was prompted by a White House call to action for data analysts to help find answers to questions about COVID-19. business intelligence As COVID-19 continues to spread, several major software vendors are making their business analytics resources freely available. organizational trust Proving the accuracy of predictive analytics to business managers and workers can be a big hurdle.
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