Forecast or Predictive Analysis
Predictive analytics is the use of data, statistical algorithms and machine learning techniques to identify the likelihood of future outcomes based on historical data. The goal is to go beyond knowing what has happened to providing a best assessment of what will happen in the future.
Predictive analytics identifies how that customer will behave in a future situation and how they may react to the various “touchpoints” a business has with them. The distinction lies in the ability to almost automatically discover patterns in data that show problems and identify opportunities. Predictive analytics empowers organizations to plan for the future, which can transform an uncertainty into a usable action with high probability.