When you analyze historical data to predict future outcomes what type of Data Analytics are you performing?

When analyzing historical data to predict future outcomes, you are performing Predictive Analytics. This type of data analytics uses statistical algorithms, machine learning techniques, and historical data to identify the likelihood of future outcomes based on the patterns observed in the past.

Predictive analytics encompasses several stages, including data collection, data cleaning, exploratory data analysis, and the application of various predictive modeling techniques. Common techniques used in predictive analytics include regression analysis, time series analysis, and classification methods. The objective is often to make informed decisions, suggest new strategies, or enhance operational efficiencies by understanding and forecasting potential future trends based on past behaviors and patterns.

Overall, predictive analytics is widely used across various industries, including finance, healthcare, marketing, and supply chain management, to improve strategic planning and decision-making processes.