A Prediction Model

A statistical technique used to forecast future behavior, events, or outcomes by analyzing historical and current data and generating a model that can predict future outcomes.

A Prediction Model

Areas of application

  • business
  • finance
  • healthcare
  • weather forecasting
  • predictive maintenance

Example

For instance, a prediction model can be used to predict the sales of a new product based on factors such as market trends, customer demographics, and product features.