Which Predictive Modeling Techniques are Commonly Used?
Several techniques are commonly used in predictive modeling, each with its own strengths and weaknesses:
Regression Analysis: This technique is used to identify relationships between variables and predict outcomes. Decision Trees: These models use a tree-like structure to make decisions based on different input variables. Neural Networks: Inspired by the human brain, these models are particularly effective for complex pattern recognition tasks. Time Series Analysis: This technique is used to analyze data points collected or sequenced at specific time intervals, making it ideal for forecasting trends.