Predictive analytics helps in the improvement of main two areas :-
Clinical performance
Financial management
# Predictive analytics can be used to great effect to reduce a number of business risks. Retail and service-based businesses can use predictive analytics to gain insights into the success of new products or to get a better picture of who they are doing business with. Service-based businesses, such as utilities, can use analytics in a similar way as well as using predictions to reduce the risk of asset failure and downtime.
It helps to Reduce Cost :
Lower risk translates to lower costs. The better you can predict the future, the more steps you can take to make sure that potential negative financial impact is as low as possible.
For example, many businesses use predictive analytics to determine asset maintenance needs before a problem happens. They then service assets while they’re still functioning, enabling predictive asset maintenance. Predictive maintenance proactively addresses and prevents problems, increasing performance and reducing the costs associated with asset failures and downtime.
DISCUSS THE USE OF PREDICTIVE ANALYTICS IN THE COMMUTING THE FINANCIAL RISKS OF HEALRHCARE FACILITIES.
Discuss the differences between descriptive analytics and predictive analytics. Give an example of when you may use each type.
Discuss how one of the two listed data analytics tools (explanatory and predictive analytics) can be applied in health care. Give a specific use example.
Discuss how one of the two listed data analytics tools in the readings (explanatory and predictive) can be applied in health care. Give a specific use example.
Examine the potential for predictive analytics in a workplace, or in an organization. Discuss a situation where a classification method could benefit the company. Describe the situation, the classification method you would select and why? Thanks.
Differentiate between descriptive analytics and predictive analytics?
Discuss the relationship between classification and the concepts of descriptive, predictive, and prescriptive analytics. Also, discuss their relationship to the types of business questions addressed in each case.
How are prescriptive and predictive analytics different from descriptive analytics?
Pros and Cons of predictive analytics in consumer product goods?
Kenneth Cukier highlighted a number of issues with predictive analytics in his Ted Talk on big data. One of those was the potential for punishment based on predictions. What is your reaction to using big data and predictive analytics in this way?
What is meant by Predictive Analytics and how it can be used in healthcare quality improvement