PMML Makes Predictive Analytics and Data Mining Easier
Nov 30, 2010, 20:05 (1 Talkback[s])
(Other stories by Herman Mehling)
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"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
""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."