6. Predictive Analytics

Artificial intelligence (AI) has penetrated many organizational processes, resulting in a growing fear that smart machines will soon replace many humans in decision making.With a greater computational information processing capacity and an analytical approach, AI can extend humans’ cognition when addressing complexity, whereas humans can still offer a more holistic, intuitive approach in dealing with uncertainty and equivocality in organizational decision making.

However, management decisions informed by the use of these data analytic methods are only as good as the data on which they are based. Predictive analytics encompasses a variety of statistical techniques from data mining, predictive modelling, and machine learning, that analyze current and historical facts to make predictions about future or otherwise unknown events

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