MGT 3501 Lecture Notes - Lecture 7: Predictive Analytics, Supply Chain, Health Professional
Document Summary
Process of inspecting, cleaning, and modeling data with the goal of discovering useful information to support decision making. To make predictions about the possibility of a future event. Helps you focus (or target) specific customers, or specific problems. Gives us valuable insights into the past. A healthcare provider calculating how many patients were hospitalized last month. A manufacturer calculating how many products were returned for poor quality last month. Signal something is wrong/right, without explaining why. Measure data against other data to find relationships and dependencies. Healthcare provider comparing hospitalized patients vs. # of flu shots. Manufacturer comparing products returned vs. product type, manufacturing location. If it"s certain products or certain locations that was manufactured. Answers the question what is likely to happen . Uses the findings of diagnostic analytics to detect tendencies, clusters and exceptions, and to predict future trends.