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Provide an explanation of the operation of predictive analytics and a practical application of the method.
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- Under what conditions might a firm use multiple forecasting methods?Provide an explanation for the operation of predictive analytics and a scenario in which it might be useful.Which types of application one can prefer to use Bagging and boosting methods for predictive analytics and how it can be used?
- Compare and contrast descriptive, predictive, and prescriptive analytics.How can businesses use predictive analytics within their CRM systems to forecast customer behavior and optimize their marketing and sales strategies? Provide a detailed explanation.What are the differences between descriptive, predictive, and prescriptive analytics? Explain in detail with examples how each of these can be useful in the current business world.
- Discuss why is predictive analytics analysis the next logical step in any business analytics (BA) process?Is there a difference between forecasting demand and forecasting sales? Can demand be forecast from historical sales data?To carry out their analysis, planning, implementation, and control responsibilities, marketing managers need a marketing information system (MIS) to assess information needs, develop the needed information, and distribute it in a timely manner. Assume that you are a Marketing Manager of Foodpanda and your company wants you to deploy an efficient Marketing information system. Explain how marketing intelligence will help Foodpanda in collecting information and forecasting demand?
- Explain the following terms as used in research i) Dependent variables ii) Independent variables iii) Moderating variables iv) Mediating variables v) Extraneous variablesExplain the concept of predictive analytics in CRM and its potential benefits for sales and marketing.What are some of the most common methods of market forecasting ?