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Which are some of the common techniques that are used in predictive analytics to make predictions?
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Some of the common techniques that are used in predictive analytics to predict the future events are data mining, modeling, machine learning, and statistics.
Who uses the statistics produced from data collected in the Monthly Retail Trade Survey (MRTS)?
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The Bureau of Economic Analysis uses these data for the nation's Gross Domestic Product (GDP) estimates and in developing the national accounts' input-output tables. The Bureau of Labor Statistics uses these data as input to its Producer Price Indices and in developing productivity measurements. Trade and professional organizations use these data t
What do you mean by predictive analytics and how does predictive analytics benefit you?
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Predictive analytics comes under advanced analytics and it is used to predict unknown events in the future.This type of analytics uses modern techniques and tools to collect the necessary data.