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Predictive Analytics is the use of data mining approaches and statistical techniques to predict future behavior. There are many different techniques used to simulate business sitiuations, optimize variables, and forecast sales and other figures.
Online analytical processing allows for users to interactively retrieve meaningful information from the data.
Market basket Analysis is a technique that reveals behavior patterns in customers as they are buying multiple items.
Text Mining is a variation of data mining, where text information is a source of business intelligence instead of structured data.
What if analysis builds a model that simulates relationships between many variables.
Goal seeking is a model where the user sets a target value, and the user tells the program which variable to change to try and reach the goal set. With goal seeking, the user can use optimization tools to find the best solution that require some trade-offs.
Forecasting is a decision support tool used to analyze historical trends to estimate some variables.
ScholarMatic: Explanation & Answer
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