Models are the foundation for predicting outcomes and forming business decisions from data. But all models are not created equal. There’s a huge variety of models and their capabilities – ranging from simple trend analysis to deep complex predictions and precise descriptions of how variables behave.
The most powerful and useful type is the analytical model, because it’s accurate and can be analyzed, interpreted and understood by business users. In basic terms, an analytical model, also known as a mathematical model, is a mathematical equation describing how a system behaves. Over the past few decades, analysts have struggled to develop analytical models, as they require incredible skill, deep knowledge and vast amounts of time to build and tune.
Register or login for access to this item and much more
All Information Management content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access