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No one has the ability to capture and analyze data from the future. However, there is a way to predict the future using data from the past. It’s called predictive analytics, and organizations do it every day.

Has your company, for example, developed a customer lifetime value (CLTV) measure? That metric involves using predictive analytics to determine how much a customer will buy from the company over time. Do you have a service or product recommendation capability? That’s an analytical prediction of the product or service that your customer is most likely to buy next. Have you made a forecast of the upcoming quarter’s sales? Or used digital marketing models to determine what ad to place on what publisher’s site? All of these are forms of predictive analytics.

This course covers a few basics so you become more comfortable working with and communicating with others in your organization about the results and recommendations from predictive analytics.  

Learning Objectives

  • Explore what predictive analytics are
  • Explore how predictive analytics work on a theoretical basis
  • Discover the broad advantages and disadvantages of predictive analytics
  • Recognize how to explain in general terms how predictive analytics are used in major companies today
  • Identify areas where predictive analytics can help a company make better decisions
Last updated/reviewed: November 10, 2017

5 Reviews (25 ratings)Reviews

5
Anonymous Author
This sessions was a good basic session on business forecasting.
4
Member's Profile
Very high level course. Would be nice to have a more detailed (down to the analytics level) course that highlights application and theory.
5
Anonymous Author
Instructive course on predictive analysis and how it may be used, as well as the potential and power behind same.
4
Member's Profile
Nice overview of the subject. More details are needed to implement though.
5
Member's Profile
Good overview

Prerequisites

Course Complexity: Foundational

Viewers should be familiar with basic financial and accounting concepts.

In addition, viewers should be familiar with Big Data and Business Intelligence, or review my existing courses on the topic.

Education Provider Information

Company:
Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact:
For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Course Syllabus
INTRODUCTION AND OVERVIEW
  00:17Introduction to The Fundamentals of Predictive Analysis
  10:27What is Predictive Analysis?: Module 1
  11:31Building the Predictive Business Model: Module 2
  3:33Ongoing Possibilities: Module 3
  6:07Real Business Practices: Module 4
CONTINUOUS PLAY
  31:56Predictive Analytics – An Introduction to Business Forecasting Full Video
SUPPORTING MATERIALS
  PDFSlides: Predictive Analytics – An Introduction to Business Forecasting
  PDFPredictive Analytics – An Introduction to Business Forecasting Glossary/Index
REVIEW AND TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM