 - Predictive modeling is a process used in predictive analytics to create a statistical model of future behavior. Predictive analytics is the area of data mining concerned with forecasting probabilities and trends. A predictive model is made up of a number of predictors, variable factors that are likely to influence future behavior or results. In marketing, for example, a customer's gender, age, and purchase history might predict the likelihood of a future sale.
To create a predictive model, data is collected for the relevant predictors, a statistical model is formulated, predictions are made and the model is validated (or revised) as additional data becomes available. The model may employ a simple linear equation or a complex neural network, mapped out by sophisticated software. The Data Mining Group, a vendor consortium, uses a XML-based language called the Predictive Model Markup Language (PMML) to enable the definition and sharing of predictive models between applications.
| LAST UPDATED: |
10 Nov 2005
|
 |
Read more about predictive modeling:
|
|
Do you have something to add to this definition? Let us know.
Send your comments to techterms@whatis.com
|
 |
 |
| |
RELATED GLOSSARY TERMS
| Terms from Whatis.com − the technology online dictionary |
 |
data modeling
(SearchDataManagement.com)
Data modeling is the analysis of data objects that are used in a business or other context and the identification of the relationships among these...
|
|
|
