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Randomness is all around us. Its existence sends fear into the hearts of predictive analytics specialists everywhere -- if a process is truly random, then it is not predictable, in the analytic sense of that term. Randomness refers to the absence of patterns, order, coherence, and predictability in a system.
In my last post, I have explained about MSE, today I will explain the variance & bias trade-off, Precision recall trade-off while assessing the model accuracy.
Variance refers to the amount by which the estimated output (f) would change if we estimated it (f) using a different training dataset. Since the training data is used to fit the statistical learning method, different training sets will…
Added by suresh kumar Gorakala on August 5, 2014 at 6:24am — No Comments
Added by Kirk Borne on February 11, 2014 at 6:48pm — No Comments
On August 17, an article appeared in the New York Times with the title "Is Big Data an Economic Big Dud?" A colleague of mine provided a very brief summary of the article in…Continue
Added by Kirk Borne on August 18, 2013 at 1:00pm — No Comments
Over 100 years ago, the great science fiction writer H. G. Wells was credited with saying, "Statistical thinking will one day be as necessary for efficient citizenship as the ability to read or write." It is clear that this statement is probably more true today than ever, as Big Data and Analytics are paraded before every aspect…Continue
How do you motivate someone to create something that disrupts the paradigm and rewrites the rules? Do you say, “Give me something disruptive and I will pay you ten times your salary“. No. Disruption or innovation happens only under two situations:
Added by Christopher Bound on June 23, 2011 at 8:13am — No Comments
Added by Jaime Fitzgerald on December 12, 2010 at 10:00am — No Comments
Added by Jaime Fitzgerald on May 28, 2010 at 11:30am — No Comments