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Dan Kellett's Blog – May 2016 Archive (2)

Making data science accessible – Logistic Regression

What is Logistic Regression?

 

Regression is a modelling technique for predicting the values of an outcome variable from one or more explanatory variables. Logistic Regression is a specific approach for describing a binary outcome variable (for example yes/no). Let’s assume you are own a new boutique shop. You have a list of potential clients you are thinking of inviting to a special event with the aim of maximizing the number of sales – who should you invite? Data on…

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Added by Dan Kellett on May 26, 2016 at 9:56am — 1 Comment

Making data science accessible - Markov Chains

What are Markov Chains?

 

A Markov chain is a random process with the property that the next state depends only on the current state. For example: If you have the choice of red or blue twice the process would be Markovian if each time you chose the decision had nothing to do with your choice previously (see diagram below). How can Markov Chains help us?…

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Added by Dan Kellett on May 3, 2016 at 1:05am — No Comments

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