A Data Science Central Community
In my previous post, we saw that R-squared can lead to a misleading interpretation of the quality of our regression fit, in terms of prediction power. One thing that R-squared offers no protection against is overfitting. On the other hand, cross validation, by allowing us to have cases in our testing set that are different from the cases in our training set, inherently offers protection against overfittting.
1.Do-it-yourself leave-one-out cross validation in R.
In this type…Continue
R squared, also known as coefficient of determination, is a popular measure of quality of fit in regression. However, it does not offer any significant insights into how well our regression model can predict future values. Instead, the PRESS statistic (the predicted residual sum of squares) can be used as a measure of predictive power. The PRESS statistic can be computed in the leave-one-out cross validation…Continue
One of the most popular application of predictive analytics is optimization of marketing campaign management. I've implemented it several times for clients in four different industries and here is my solution.
Introduction to campaign management
Marketing departments are usually responsible for management the marketing campaigns. Campaigns always have some triggers - may be planned, triggered by customer events and various alerts. Campaigns are run for a…Continue
Added by Jozo Kovac on May 7, 2013 at 7:00pm — No Comments
Who benefits by predicting your behavior? Organizations do—companies, governments, hospitals, and political campaigns. They employ predictive analytics, technology that learns from data to render per-person predictions, one individual at a time.
People have been struck by the final words in the title of my new book on this subject, Predictive Analytics: The Power to Predict Who Will Click, Buy, Lie, or Die (…
Added by Eric Siegel on April 4, 2013 at 1:53pm — No Comments
Predictive Analytics: GET THE BOOK AND RECEIVE FREE ONLINE TRAINING
April 3rd is "Predictive Analytics" Day - not the science, the book! To build awareness of Eric Siegel's new, acclaimed book, "Predictive Analytics: The Power to Predict Who Will Click, Buy, Lie, or Die" (published by Wiley Feb. 19), we're providing an offer ya can't refuse.
ORDER THE BOOK ON APRIL 3 VIA AMAZON (under $15) FOR:
1. Free access to the first of four modules of the…Continue
Added by Eric Siegel on March 12, 2013 at 11:04am — No Comments
This article was also published on Smart Blogs
Eric Siegel, Ph.D.
Retirement kills more people than hard work ever did.
I'm not afraid of death; I just don't want to be there when it happens.
Who benefits by predicting your behavior? Organizations do—companies, government agencies,…
Added by Eric Siegel on March 4, 2013 at 12:08pm — No Comments
A recent article entitled "Nate Silver on big data's future: It's about attitude" appeared on fcw.com (The Business of Federal Technology). The full article along with the points made below can be read here:
In the meantime, what came to mind has to do with different analytic approaches being used together to solve a…Continue
Added by Tony Agresta on February 26, 2013 at 1:22pm — No Comments
What's next is what's next… Predictive analytics is where business intelligence is going.
— Rick Whiting, InformationWeek
Ten Predictions for the First Hour of 2020
Good morning. It's January 2, 2020, the first workday of the year. As you drive to the office, the only thing predictive analytics doesn't do for you is steer the car (yet that's coming soon as well).
1. Anti-theft. As you enter your car, a predictive model establishes your…
Added by Eric Siegel on February 26, 2013 at 9:34am — No Comments
Last October, a colleague and I speculated on how a special, powerful form of predictive analytics would revolutionize presidential campaigning—and, if successful, how it might be poorly received by the public thereafter. In our work, he and I focus more on financial, marketing, and online applications of this technology. But we bet the story would break within politics by 2016 or 2020.
Surprise: There's no wait! After Obama's win in November, we've learned they already did this.…
Added by Eric Siegel on February 20, 2013 at 8:47am — No Comments
Here is the preface for Predictive Analytics: The Power to Predict Who Will Click, Buy, Lie, or Die
By Eric Siegel, with a foreword from Tom Davenport
(Wiley, February 2013)
To order the book:…
Added by Eric Siegel on February 8, 2013 at 6:30am — No Comments
Big Data holds a big promise. But has that promise paid out already? Or are you heading for Big Dollar Disaster? Many take inventory of their data and find out they have terabytes of data lying around. Surely something should be done with that, so here’s how we see a lot of companies going about implementing ‘something’ for their Big Data.
Added by Jos Verwoerd on November 13, 2012 at 4:04am — No Comments
The Voice is a very successful show that runs in 28 countries around the globe. The basic concept in each version is the same: Four famous singers act as coaches. They have to select a team of vocalists through an audition process. The teams compete internally through a process of competitive elimination, until one vocalist per coach enters the Finals. There, the best vocalist of the four is declared 'The…Continue
Added by Jos Verwoerd on September 26, 2012 at 6:25am — No Comments
GlobalGiving is an online marketplace that connects givers…Continue
Added by Jos Verwoerd on September 5, 2012 at 6:30am — No Comments
Another recent article from Discovery Corps, Inc. president Tim Graettinger: Grab Bag 2: More Frequently-Asked Questions about Data Mining.
"While helping present a monthly webinar on Data Mining, I'm asked some challenging and really pivotal questions about DM and predictive analytics:
Added by Leslie Ament on September 30, 2011 at 11:18am — No Comments
Added by Sandeep Raut on September 12, 2011 at 7:51pm — No Comments
Added by Daniel Graettinger on June 20, 2011 at 8:09pm — No Comments
Added by Gabriel Hoff on September 7, 2010 at 3:18pm — No Comments
Added by Stanley Barton on November 10, 2009 at 1:40pm — No Comments
Added by Michael Zeller on October 7, 2009 at 8:00pm — No Comments