Which evaluation tool combines historical data with statistical models and machine learning to make predictions?

Homework Help: Questions and Answers: Which evaluation tool combines historical data with statistical models and machine learning to make predictions?

a) bounded analytics
b) descriptive analytics
c) predictive analytics
d) cognitive analytics

Answer:

First, let’s understand the question: We need to identify a tool that uses historical data, statistical models, machine learning and makes predictions.

Given Options: Step by Step Answering

a) Bounded Analytics

• This term doesn’t commonly refer to an established category of analytics. It is not widely recognized in analytics methodologies. Therefore, it’s unlikely to be the correct answer.

b) Descriptive Analytics

• Descriptive analytics focuses on summarizing historical data to understand what has happened. It doesn’t involve making predictions but rather explains past events. Hence, it doesn’t involve predictive models or machine learning.

c) Predictive Analytics

• Predictive analytics uses historical data along with statistical models, machine learning techniques, and algorithms to forecast future outcomes. It involves making predictions based on trends and patterns found in the data. This seems like a strong candidate.

d) Cognitive Analytics

• Cognitive analytics refers to systems that mimic human thought processes in analyzing complex data, often using AI. It involves more advanced functions like natural language processing and understanding complex data, but it isn’t specifically tied to predictions using historical data.

Final Answer:

Based on the above analysis, the correct answer is:

c) predictive analytics

This is correct because predictive analytics is specifically designed to:

• Use historical data as its foundation
• Apply statistical models and machine learning algorithms
• Generate predictions about future events or behaviors

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