What is Predictive Analytics? ...especially in Project Management | Summary and Q&A

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February 8, 2024
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Online PM Courses - Mike Clayton
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What is Predictive Analytics? ...especially in Project Management

TL;DR

Predictive Analytics is an approach to analyzing data and using statistical models to make probabilistic estimates, bridging the gap between descriptive analytics and prescriptive analytics.

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Key Insights

  • 😒 Predictive Analytics uses statistical data and modeling to make predictions about future events based on current and historical data.
  • 🐕‍🦺 It is widely used in industries such as financial services, marketing, pharmaceuticals, insurance, and weather forecasting.
  • 🌉 Predictive Analytics bridges the gap between descriptive and prescriptive analytics, providing probabilistic estimates for future events.
  • 🌲 It incorporates methodologies such as decision trees, regression analysis, and neural networks, as well as machine learning techniques.
  • 📽️ In project management, Predictive Analytics is particularly useful in project planning and risk management.
  • 📅 It can assist in schedule estimation by analyzing historical data to identify potential schedule variances.
  • ✳️ Predictive Analytics can also be applied in risk management to assess project complexity, identify risks, and suggest improvements to risk controls.

Transcript

in this video I want to answer the question what is Predictive Analytics Predictive Analytics is an approach to figuring out what's going to happen in the future it uses statistical data and modeling to provide probabilistic estimates we can compare this at one extreme with descriptive anal ICS which uses analysis of the data to provide a descripti... Read More

Questions & Answers

Q: What is Predictive Analytics?

Predictive Analytics is an approach to analyzing data using statistical models to make predictions about future events based on current and historical data.

Q: How does Predictive Analytics differ from descriptive and prescriptive analytics?

Descriptive analytics focuses on analyzing data to provide a description of past or current events, while prescriptive analytics aims to determine the best decisions to achieve desired results. Predictive analytics bridges the gap between the two by making probabilistic estimates about future events.

Q: In which industries is Predictive Analytics widely used?

Predictive Analytics is used in a range of industries, including financial services, marketing, consumer businesses, pharmaceuticals, insurance, and weather forecasting.

Q: What methodologies and techniques are used in Predictive Analytics?

Predictive Analytics uses sophisticated methodologies such as decision trees, regression analysis, and neural networks. It also incorporates machine learning techniques to build predictive models.

Q: How can Predictive Analytics be applied in project management?

Predictive Analytics can be applied in project planning by assimilating data from past project schedules and outcomes to produce viable project schedules and highlight potential schedule variances. It can also be used in risk management to assess project complexity, identify risks, and suggest improvements to risk controls.

Summary & Key Takeaways

  • Predictive Analytics uses statistical data and modeling to make predictions about future events based on current and historical data.

  • It can be used in various industries such as financial services, marketing, pharmaceuticals, insurance, and weather forecasting.

  • In project management, Predictive Analytics is particularly useful in project planning and risk management, assisting in schedule estimation and identifying potential improvements to risk controls.

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