ses statistical models and machine learning techniques to forecast future outcomes.
Example: Predicting customer churn rates to implement retention strategies.
Prescriptive Analytics:
Recommends actions based on predictive models to achieve desired outcomes.
Example: Optimizing inventory levels based on sales forecasts to reduce holding costs.
A/B Testing:
Compares two versions of a variable to determine which performs better.
Example: Testing two different marketing campaigns to see which one generates more leads.