BC Advantage - 2017 Issue 5

Revenue Predictive Analytics

Predictive analytics uses statistical analysis of big data to predict outcomes.  The data typically includes historical, as well as current observation, with thoughtful consideration of the data fields to be reviewed.The analyses of this type are often described as "statistical learning" because the prediction model increases in precision with additional new data. The predictive modeling techniques use artificial intelligence to create a prediction profile or algorithm based on past patterns within the data analyzed.  Clinical prediction models have been prevalent, but using predictive modeling to forecast revenue is a relativity new concept. There are many methods...

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