Prediction Models

Written by Scott Martin
Bookmark and Share

Prediction models are a way of describing the relationship of different ideas of concepts. The type of statistical software and model that you use are dependent on the type of data and outcome measures that you are working with. Additionally, the model that you use is related to your discipline or business.

Uses of Prediction Models

Many disciplines use prediction models in order to project a representation of the future based upon past events. One of the most visible of these fields is meteorology. Whether it is forecasting the path of a hurricane or the freezing points next week, meteorology is based on prediction models.

Government agencies and many businesses use population-based prediction models in order to describe demographic trends. One of the main sources of data for these models is the United States Census Bureau. Different levels of the government use these predictions in order to allocate money and resources to different locations, whereas businesses use them to determine where their target markets are located.

Because there are so many different types of models, statistical consultants can be useful in your research process. They can help select the correct model to use with the data you have in order to answer your research question. Additionally, they can make sure that you are correctly interpreting your results.


Bookmark and Share