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PMML Makes Predictive Analytics and Data Mining Easier

Nov 30, 2010, 20:05 (1 Talkback[s])
(Other stories by Herman Mehling)

[ Thanks to Paul Shread for this link. ]

"Predictive analytics — the art of mining and analyzing historical data patterns to predict the future — is not a common term among IT types, let alone consumers. Yet predictive analytics is practiced widely, and its use affects millions of consumers and businesses every day.

""Every time you swipe your credit card or use it online, a predictive analytic model checks the probability of that transaction being fraudulent," said Alex Guazzelli, vice president of analytics at Zementis, a developer of predictive analytics software."

""If you rent DVDs online, chances are a predictive analytic model recommends a particular movie to you," he said. "Predictive analysis is already an integral part of your life and its application is bound to assist you even more in the future."

"Predictive analytics is also used in sensors in bridges, buildings, industrial processes and machinery, generating data and making predictions to alert people about potential faults and problems before they occur. Its many uses also include healthcare, financial services and insurance."

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