Step 4: Model creation and prediction

In this context, a model is a quantified representation of a business process. We say "these are the inputs". Then we use statistics and machine learning on the structures we created during 108.30.10 Data Analysis - Structural analysis to predict values for future periods.

108.30.20 Data Analysis - Predictive analysis

Note: This step is not always conducted. Often the client will get what they need from the Structural Analysis, or determine that there isn't enough time/value to do predictions.

Source:

• Me

Relevant:

• 108.10 Data Analysis - Phases of data analysis