The evolving technology of Predictive Analytics is opening new possibilities for predicting future events by studying past performance. Now that Big Data enables Data Scientists to review massive amounts of data, users can hope that the degree of accuracy in future predictions will only rise.
Yet, actual field tests reveal a different story. The element of “surprise” is so high in Predictive Analytics that even the best of algorithms, computational models, and analytics tools can lead to complete failure in some cases. There are situations where even the best Data Scientists failed to take all the “unknown variables” into consideration, which ultimately led to incorrect data-driven predictions.