Data Science Fields
Predictive Analytics
Predictive Analytics identifies patterns, structures, and relationships in data and uses them to make statements about future events. It employs methods from classical statistics as well as machine learning. Predictive Analytics can be distinguished from Descriptive and Prescriptive Analytics as follows:
- Descriptive Analytics analyzes and describes historical data, identifies patterns, highlights relationships, or detects anomalies in the data.
- Predictive Analytics builds upon this by making statements about the future, generating data-driven forecasts, and estimating the probabilities of potential future events.
- Prescriptive Analytics translates future predictions into concrete recommendations for action and identifies optimal decisions.