Assignment 2_8062

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Humber College *

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8061

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Information Systems

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May 15, 2024

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docx

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3

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Title: Utilizing Predictive Analytics for Strategic Understanding: A Thoughtful Investigation University of Fredericton  BAL 8062 – Advanced Topics in Analytics & Big Data (C20240429) Professor Jim Mirabella May 07, 2024 
Studying Chapters 3 and 4 of "Applied Business Analytics" by N. Lin helped me learn a lot about predictive analytics, which is about using data to guess what might happen in the future for businesses. In Chapter 3, I found out about how businesses use data to make models that predict future events. It's important to look at the data closely and use the right techniques to make sure the predictions are accurate. Methods like regression analysis, time series forecasting, and machine learning are used to understand past data and predict what might happen next. This helps businesses make smart decisions and avoid risks (Shmueli, Bruce, & Yahav, 2017). Chapter 4 talks about more advanced ways of making predictions using techniques like ensemble methods, neural networks, and deep learning. These are complex methods but they can help understand data better, especially when it's complicated. However, these advanced methods can sometimes make it harder to understand how the predictions are made (Hastie, Tibshirani, & Friedman, 2009). It's like a trade-off between accuracy and simplicity. It's important for businesses to find a balance between making accurate predictions and keeping things simple enough to understand and use. After reading these chapters, I realized how important predictive analytics is in making decisions for businesses. By using predictive models, businesses can plan better, save money, and understand their customers. For example, in finance, predictive analytics can help decide where to invest money and detect if someone is trying to cheat the system. (López de Prado, 2020). In marketing, it can help figure out who might be interested in buying a product and recommend things they might like. In conclusion, the insights from these chapters made me understand how predictive analytics can be applied in real-life scenarios to make businesses more efficient and successful. It's like
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