What is predictive modeling?
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Predictive modeling is a process that uses data and statistics to predict outcomes with data models.
Often used interchangeably:
- Predictive analytics: More like commercial applications of predictive modeling.
- Predictive modeling: Used more generally or academically.
- Machine learning: Use of statistical techniques to allow a computer to construct predictive models.
We as data scientists perform all these heavy-lifting of data by instructing computers step by step. But we can teach the computers to build and perfect models on their own.
So the art of teaching the machines to learn from past data, their statistics and the probabilities of the recurrence, is known as Machine Learning.
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Machine learning models typically fall into two categories: supervised learning and unsupervised learning.
Classification and regression algorithms are two types of supervised learning.
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These are the two techniques we will be looking at in this course.
The hard work begins
Regression modelling
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Classification modelling
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Stats Refresher