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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