A company that uses statistical techniques and algorithms based on patterns of past behavior to predict future events is using Predictive modeling
What is Predictive modeling?
- A popular statistical method for forecasting behavior is predictive modeling. Data-mining technology called predictive modeling solutions creates a model by studying past and present data and using it to forecast future results.
- Predictive modeling involves gathering data, creating a statistical model, making predictions, and validating (or updating) the model when new data becomes available.
- To determine how probable a customer is to display a given behavior in the future, predictive models examine prior performance.
- This category also includes models, such fraud detection models, that look for subtle data trends to address inquiries regarding client performance. In real-time transactions, predictive models frequently do calculations.
know more about statistical model https://brainly.com/question/13720738
#SPJ4
