In this section, we will learn the basics of predictive analytics. We will also take a closer look at the machine learning approach to predictive analytics. We will then proceed to discuss the various types of machine learning models. To end this section on a high note, we will look at the components of a supervised learning model.
In this context, prediction does not necessarily refer to the future. It implies guessing something that is unknown or hasn't been observed yet.
There are many ways to predict something. We can begin by asking a high priest or a psychic, which is something humans have done for many millennia. Another approach could be to use your intuition or to ask an expert; these are more traditional business practices. There are various other ways to do this and one of the most recent and successful approaches is...