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Business Analytics Principles, Concepts, and Applications: What, Why, and How by Christopher M. Starkey, Dara Schniederjans, Marc J. Schniederjans

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6. What Are Predictive Analytics?

Chapter objectives:

• Explain what logic-driven models are used for in business analytics (BA).

• Describe what a cause-and-effect diagram is used for in BA.

• Explain the difference between logic-driven and data-driven models.

• Explain how data mining can aid in BA.

• Explain why neural networks can be helpful in determining both associations and classification tasks required in some BA analyses.

• Explain how clustering is undertaken in BA.

• Explain how step-wise regression can be useful in BA.

• Explain how to use R-Squared adjusted statistics in BA.

6.1. Introduction

In Chapter 1, “What Are Business Analytics?” we defined predictive analytics as an application of advanced statistical, information software, ...

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