Book Summary

“Predictive Analytics: The Power to Predict Who Will Click, Buy, Lie, or Die Revised and Updated Edition” is a captivating book authored by Eric Siegel, Ph.D., a leading expert in predictive analytics. The primary theme of the book is predictive analytics, a technology that leverages statistics, data mining, and machine learning to forecast future outcomes based on historical data.

Title, Author: Predictive Analytics: The Power to Predict Who Will Click, Buy, Lie, or Die Revised and Updated Edition by Eric Siegel

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Key ideas or arguments presented

Siegel illustrates the power of predictive analytics in everyday life and businesses, emphasizing its potential to predict and influence human behavior. From marketing strategies, healthcare, law enforcement, to finance, Siegel showcases diverse applications of predictive analytics, showing how companies utilize this powerful tool to make informed decisions.

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Chapters

  1. Introduction to Predictive Analytics: An overview of what predictive analytics is and its importance in the modern data-driven world.
  2. With Power Comes Responsibility: Discusses ethical considerations, such as privacy issues, related to predictive analytics.
  3. Predictive Modeling: Introduction to predictive modeling techniques and concepts like overfitting and model validation.
  4. Data: Highlights the crucial role of data in predictive analytics and common challenges in data preparation.
  5. Prediction’s Impact on Society: Examples of predictive analytics in industries such as healthcare, finance, and marketing.
  6. Machine Learning: An introduction to machine learning as a driving force behind predictive analytics.
  7. The Ensemble Effect: Discusses ensemble methods, a key technique to increase prediction accuracy.
  8. Uplift Modeling: Focuses on a subset of predictive analytics that targets marketing and campaigning strategies.
  9. The Future of Predictive Analytics: Speculates the future applications and implications of predictive analytics.

Key Takeaways

The book reiterates the potential of predictive analytics as a revolutionary tool that can transform various industries. It also underlines the importance of ethics and responsible use of predictive analytics, given its power to influence human behavior.

Author’s Background

Eric Siegel is a former Columbia University professor, founder of Predictive Analytics World and Text Analytics World, and executive editor of the Predictive Analytics Times. He is a renowned predictive analytics consultant and speaker.

Comparison

While many books, such as “Data Science for Business” by Foster Provost and Tom Fawcett, approach the subject from a technical perspective, Siegel’s book stands out for its accessibility and extensive real-world examples.

Target Audience

This book is designed for business professionals, marketers, data scientists, and anyone interested in understanding the practical applications of predictive analytics.

Reception

The book has been well-received, applauded for its comprehensive yet accessible content. It has been praised for demystifying complex concepts with engaging, real-world examples.

Publisher and Publication Date

“Predictive Analytics” was first published by Wiley on February 18, 2013, and the Revised and Updated Edition was published on January 11, 2016.

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Where to Buy

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Final Thoughts

The book impressively illuminates the power of predictive analytics as a potent tool that can not only forecast human behavior but also shape our future.