Thanks for reaching out.
Because it depends how will one classify the tools used for estimating all possible events.
I mean – there are people that call a simple Logistic Regression type of Machine Learning, and we don’t. We classify Logistic Regression as an example of traditional statistical methods.
Having said that, we consider the tools and techniques (or at least the majority of tools and techniques) applied for generating potential profits Data Analytics or Data Science, but not Machine Learning. An example of such a techniques are Monte Carlo simulations.
So, to distinguish this sub-area from our graph from the one you are talking about, we thought Sales Forecasting is a good example, as opposed to Client Retention and Fraud Prevention.
Nevertheless, don’t forget it is all matter of interpretation. And we have provided our version, trying to fragment this picture as much as possible.
Hope this helps.
Thank you for answering Martin! I guess I still have a lot to learn 🙂
You are welcome, Alaa! I think you’ve done the most important thing – you’ve made the first steps! Good luck and please don’t hesitate to post another question should you need further assistance. Thank you!