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How Predictive Modeling Professionals Can Help You

Predictive modeling is a process that uses statistics, probability, and data mining to forecast outcomes. It's used to predict any type of unknown event. Once data is collected for relevant predictors, a statistical model is formulated. Models range from simple linear equations to complex networks mapped by sophisticated software. Some applications of predictive modeling include Uplift modeling, which displays incremental impact of a treatment on an individual's behavior. This is used in personalized medicine, elections, and most extensively in marketing. In marketing, predictive models can predict the likelihood that a customer will take a particular action such as making a purchase.

Predictive modeling is an incredibly valuable skill to utilize and is where you will find freelancers who have it mastered. They will build predictive models for any of your needs. For business, they can determine a promotion's effectiveness, determine which customers will be loyal, and even predict the most profitable location for a new store. In finance, predictive modeling strategies sharpen online revenue projections, improve supply-chain efficiency, and shrink large expenses. In health care, it reduces readmission rates in hospitals. Predictive modeling is utilized in nearly all industries and sciences. For these services and all others, hire one of our sensational statisticians at Guru.

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