What is the name of the analytics that utilizes historical data to forecast future outcomes?

Predictive analytics refers to the use of statistical techniques and historical data to identify patterns and predict future outcomes. By analyzing past behaviors and trends, predictive analytics creates models that can anticipate what is likely to happen in the future. This approach is particularly valuable in various fields such as finance, marketing, and operations, as it enables organizations to make informed decisions based on data-driven insights.

Descriptive analytics focuses on summarizing past data and providing insight into what has already happened, without making predictions about future events. Meanwhile, prescriptive analytics goes a step further by not only predicting future outcomes but also recommending actions to achieve desired goals. Statistical analysis is a broader term that encompasses various methods of analyzing data, including both predictive and descriptive analytics, but does not specifically focus on forecasting futures outcomes.