To maintain a competitive advantage, it is vital to have understanding into future events that challenge key assumptions. Predictive modeling is a process whereby a future outcome is predicted using data models. These models can be used to anticipate anything—from sports outcomes and TV ratings to technological advancements and corporate earnings. It gives an accurate insight to any query and allows users to create forecasts using data and statistics. It works by gathering data, setting up a statistical model, and applying probabilistic techniques to guess the possible outcome.