Learning from data is virtually universally useful, Master it and you will be welcomed nearly everywhere. It reinvents industries and runs the world.
Data Mining and Predictive Analysis are often used as synonyms.
The Art of Learning
The machine actually learns more about your next likely action by studying others than by studying you.
A few key ingredient have opened these floodgates:
- wildly increasing loads of data;
- cultural shifts as organizations learn to appreciate, embrace, and integrate predictive technology
- improved software solutions to deliver PA to organization
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What’s predicted: the kind of behavior (i.e., action, event or happening) to predict for each individual, stock, or other kind of element
PA doesn’t “drill down” to peer at any individual’s data. Instead PA actually “rolls up”.
What’s done about it: the decision driven by prediction; the action taken by the organization in response to or informed by each prediction
The Data Effect
Data always speaks. It always has a story to tell, and there’s always something to learn from it. Pull some data together and although you can never be certain what you’ll find, you can be sure you’ll discover valuable connections by decoding the language it speaks and listening. That’s Data Effect in a nutshell.
In the big data tsunami, you’ve got to either sharpen your skills or get out of the water
It’s Elusive
You have to think outside a certain box there is a conceptual leap in moving beyond that to also account for the breadth of search, the full suite of other predictors also considered.
Simplicity can deceive
A predictive model, whose job is to combine variables in order to fit the data, can go too far and overfit.
Falsehoods don’t look wrong
Without realizing that a pattern only in actuality be random noise, people creatively formulate compelling casual explanations. This is human nature, but on many occasions it only increases one’s attachment to a false discovery.
It’s a buzzkill
Given the strong incentives to make predictive discoveries, the temptation is there to be less than scrupulous, with a certain convenient forgetfulness – neglecting to account for the full scope of the search that led to the discovery.
Important: PA answers the riddle: what often happens to you that cannot be witnessed, and that you can't even be sure has happened afterwards - but that can be predicted in advance?
