Predictive Models that are commonly practiced

Two different Predictive Models are in Vogue:

  1. Descriptive Models-meant to classify customers and their prospects. It identifies relationships within the data.
  2. Decision Models-They predict the results of decisions made by using a number of variables pertaining to customer data.

Predictive Analytics are widely used in SMEs-Small and Medium Enterprises like Clinical Decision Support Systems, Collection analytics, Cross-sell, Customer retention, Direct marketing, Fraud detection, Portfolio, product or economy level prediction, Underwriting. The following graph indicates the profit attained by the use of Predictive Analytics in an organization

A Typical Profit Curve with predictive analytics

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