June 2014
Beginner to intermediate
288 pages
7h 2m
English
Content preview from Better Business Decisions from Data
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CHAPTER 23
Predictive Analytics
It’s Only Arithmetic!
The first step in interrogating the data for a possible relationship is the selection of a limited amount of data, called the training data, from which a model will be developed. The model is an idealized relationship, involving a number of variables, that is suggested by initial examination of the training data or by practical observations. Many different kinds of models are in use, having been drawn from different disciplines. Predictive analytics is essentially a statistical process in that the results obtained are not precise but are expressed in terms of probability. Thus, levels of reliability in terms of confidence limits are a feature. The various statistical methods that we have ...
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