Survival analysis: Applications in business forecasting
Order ID |
53563633773 |
Type |
Essay |
Writer Level |
Masters |
Style |
APA |
Sources/References |
4 |
Perfect Number of Pages to Order |
5-10 Pages |
Description/Paper Instructions
Survival analysis: Applications in business forecasting
Survival analysis is a statistical technique used to analyze the time it takes for an event of interest to occur. It is widely used in the field of medical research, but it has also found many applications in business forecasting. In this blog, we will discuss the applications of survival analysis in business forecasting.
Survival analysis can be used to model the time until an event of interest occurs, such as the time until a customer makes a purchase or the time until a machine fails. This information can be used to make predictions about future events and plan accordingly.
One of the most common applications of survival analysis in business forecasting is in customer churn prediction. Customer churn is a term used to describe the loss of customers over a given period of time. It is a common problem for businesses, and predicting which customers are most likely to churn can help businesses take preventative measures to retain these customers.
Survival analysis can be used to model the time until a customer churns. By analyzing data on past customer behavior and identifying the factors that influence churn, businesses can create models to predict which customers are most likely to churn and take appropriate actions to retain them. This can help businesses reduce customer churn and increase customer retention.
Another application of survival analysis in business forecasting is in predicting the time until a customer makes a purchase. By analyzing data on customer behavior, businesses can identify the factors that influence the time until a purchase is made. This information can be used to create models to predict when a customer is most likely to make a purchase, allowing businesses to plan their marketing and sales strategies accordingly.
Survival analysis can also be used to predict the time until a machine or piece of equipment fails. By analyzing data on equipment usage and maintenance, businesses can identify the factors that influence the time until failure. This information can be used to create models to predict when a piece of equipment is most likely to fail, allowing businesses to plan their maintenance schedules and reduce downtime.
In addition to these applications, survival analysis can also be used to model the time until other events of interest occur, such as the time until a loan is repaid or the time until a project is completed. By analyzing data on past events and identifying the factors that influence the time until the event occurs, businesses can create models to predict when the event is most likely to occur, allowing them to plan accordingly.
One of the main advantages of survival analysis is that it allows businesses to model time-to-event data, which can be difficult to analyze using traditional statistical methods. By analyzing the time until an event occurs, businesses can gain insights into the factors that influence the event and create predictive models to plan for the future.
Another advantage of survival analysis is that it allows businesses to account for censored data. Censored data is data that is incomplete, either because the event of interest has not yet occurred or because the event was not observed. By using survival analysis, businesses can account for censored data and make predictions based on the available data.
Overall, survival analysis has many applications in business forecasting, from customer churn prediction to equipment maintenance scheduling. By analyzing time-to-event data and identifying the factors that influence events of interest, businesses can create models to predict when events are most likely to occur and plan accordingly.
Survival analysis: Applications in business forecasting
RUBRIC
QUALITY OF RESPONSE |
NO RESPONSE |
POOR / UNSATISFACTORY |
SATISFACTORY |
GOOD |
EXCELLENT |
Content (worth a maximum of 50% of the total points) |
Zero points: Student failed to submit the final paper. |
20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. |
30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. |
40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. |
50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. |
Use of Sources (worth a maximum of 20% of the total points). |
Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. |
5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. |
10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. |
15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. |
20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. |
Grammar (worth maximum of 20% of total points) |
Zero points: Student failed to submit the final paper. |
5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors |
10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors |
15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. |
20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. |
Structure of the Paper (worth 10% of total points) |
Zero points: Student failed to submit the final paper. |
3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. |
5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper |
7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. |
10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper. |
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