Businesses can use them to manage their inventory, create marketing plans, and project sales. Additionally, it aids in a company's survival, particularly in sectors like healthcare and retail that are characterized by intense competition. This technology can be used by investors and financial experts to create investment portfolios and lower risk. These models find connections, patterns, and structures in the data that can be used to make inferences about how adjustments to the underlying mechanisms that produce the data would alter the outcomes. Building on these descriptive models, Predictive Analytics models analyze historical data to estimate the likelihood of specific future outcomes given the current situation or a collection of anticipated future circumstances.
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