Predictive statistical models are mathematical equations used to forecast the behavior and outcomes of a given phenomenon. They use past data to better understand and predict the future. With predictive models, businesses can identify patterns in customer behavior or market trends, allowing them to make more informed decisions and be better prepared for future challenges. For example, a business might use predictive models to determine which markets are most likely to have success with a new product launch. By running models on various factors like demographics, spending habits, or geography, they can better target their efforts and increase their chances of success. Ultimately, predictive statistical models are powerful tools that give businesses the insight they need to make informed decisions.