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Predictive Analytics For Dummies by Tommy Jung, Mohamed Chaouchi, Anasse Bari

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Chapter 5

Applying Models

In This Chapter

arrow Understanding models

arrow Categorizing models

arrow Introducing the benefits of models

arrow Highlighting relevant case studies

Big data is like an engine that drives our lives. It includes everything about us. Predictive analytics can use big data to foresee our future moves and make predictions about our likely actions — especially if we’re someone’s prospective customers. Hypothetically, a predictive analytics model can know when you’re asleep and can predict the time you’ll wake up.

Companies are capturing and storing information at every opportunity. They store every purchase you make, every online search you do, every website you visit, and your preferences. Everything is closely monitored and analyzed. This has become the new norm in our lives. Your doctor, your employer, your next-door grocer will be all analyzing data about you soon, if they aren’t already.

tip.eps The rule for using all this data is clear: Whichever company can accurately find patterns ...

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