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.

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