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Concept
Predictive modelling
Summary
Predictive modelling uses statistics to predict outcomes. Most often the event one wants to predict is in the future, but predictive modelling can be applied to any type of unknown event, regardless of when it occurred. For example, predictive models are often used to detect crimes and identify suspects, after the crime has taken place.
In many cases, the model is chosen on the basis of detection theory to try to guess the probability of an outcome given a set amount of input data, for example given an email determining how likely that it is spam.
Models can use one or more classifiers in trying to determine the probability of a set of data belonging to another set. For example, a model might be used to determine whether an email is spam or "ham" (non-spam).
Depending on definitional boundaries, predictive modelling is synonymous with, or largely overlapping with, the field of machine learning, as it is more commonly referred to in academic or research and development contexts. When deployed commercially, predictive modelling is often referred to as predictive analytics.
Predictive modelling is often contrasted with causal modelling/analysis. In the former, one may be entirely satisfied to make use of indicators of, or proxies for, the outcome of interest. In the latter, one seeks to determine true cause-and-effect relationships. This distinction has given rise to a burgeoning literature in the fields of research methods and statistics and to the common statement that "correlation does not imply causation".
Nearly any statistical model can be used for prediction purposes. Broadly speaking, there are two classes of predictive models: parametric and non-parametric. A third class, semi-parametric models, includes features of both. Parametric models make "specific assumptions with regard to one or more of the population parameters that characterize the underlying distribution(s)". Non-parametric models "typically involve fewer assumptions of structure and distributional form [than parametric models] but usually contain strong assumptions about independencies".
Official source
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