Discuss the following:
How are companies using predictive analytics today?
Give at least 3 examples of predictive analytics in practice based on your real-life experiences.
Does the availability of a lot of data foster better predictions using predictive analytics? Why or why not?
llo Org. Innovation & Scenario Thinking Students,
Predictive analytics have been used in various industries, public and private. From a public perspective, predictive analytics have been used to help prevent crime. Predictive analytics include the use of data mining, text mining, data collection, and statistical analysis to better understand and predict crime by analyzing, modeling, and scouring the data. (Haffey, 2008). According to RAND researchers (Perry, et al., 2013), predictive analytics are being used by law enforcement in the following ways:
To predict crime places and times associated with increased crime risk.
To predict offenders individuals at risk of offending.
To predict perpetrator identities Profiles to accurately identify likely offenders with prior criminality.
To predict victims of crimes to identify high likelihood of victimization based upon offender location, high crime locations, and times of heightened risk.
The question then becomes, how effective are predictive analytics related to crime fighting? The Los Angeles Police Department attributed a 7.4 percent reduction in crime when they used predictive analytics to deploy patrol units to specific areas (Meijer & Wessels, 2019). How effective is predictive analytics in your industry?
I look forward to reading your posts.
Dr. M. Knetzger
References
Haffey, B. (2008). Police departments fighting crime with predictive analytics software. Retrieved from http://www.hendonpub.com/resources/article_archive/results/details?id=2456
Meijer, A. & Wessels, M. (2019). Predictive Analytics: Review of Benefits and Drawbacks. International Journal of Public Administration. DOI: 10.1080/01900692.2019.1575664
Perry, W. L., McInnis, Price, C. C., Smith, S. C., & Hollywood, J. S. (2013). Predictive Policing: The Role of Crime Forecasting in Law Enforcement Operations. RAND Corporation. Retrieved from https://www.rand.org/content/dam/rand/pubs/research_reports/RR200/RR233/RAND_RR233.sum.pdf
