Learn the cornerstones of analytics, dive into the capabilities of predictive analytics, and gain essential skills for effectively communicating your findings through data visualization at this three-day seminar. Join us in Houston or online!
May 25, 2021
9:00 am - 5:00 pm
Duration: Full Day Course
Central Time CT
Deanne Larson, Ph.D.
Larson & Associates
Predictive analytics utilizes a set of techniques to derive knowledge from large amounts of raw data. Techniques adapted from statistics, probability, data mining, and machine learning are used to create models that enable predictive capabilities. These models allow companies to shift their focus from insight (knowing why things happen) to foresight (knowing what is likely to happen in the future).
Predictive models learn from observed patterns in operational and historical data to quantify probabilities of future conditions, events, and risks. Virtually every industry—insurance, telecommunications, financial services, retail, healthcare, pharmaceuticals, and many more—uses predictive analytics to become more proactive in their management style and drive improved performance.
Application areas are diverse and examples include marketing, customer management, product development, operations monitoring, fraud detection, collections management, maintenance planning, risk management, price discovery, and inventory planning.
This course introduces the building blocks needed to implement predictive capabilities within an organization. It also helps develop the necessary understanding about how models, people, and decision processes must interact to drive actual business impact. Techniques based on statistics, probability, linear regression, logistic regression, and decision trees are described as key enablers for creating predictive models. Additional topics related to problem framing, data profiling, data preparation, model evaluation, human factors, leadership, and organizational culture are presented as additional and necessary ingredients for success.