From the course: Business Analytics Foundations: Predictive, Prescriptive, and Experimental Analytics
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PRA best practices
From the course: Business Analytics Foundations: Predictive, Prescriptive, and Experimental Analytics
PRA best practices
- [Narrator] What are some of the best practices for predictive analytics? First, when you try to use a model for actual business purposes, focus on the business gain or return on investment, not just model accuracy. Data scientists sometimes get obsessed with model performance, and not focus on business ROI. More data means better trends and better predictions. Focus on data and getting more data. Algorithms can only do so much with insufficient data. Test model building with multiple algorithms and see which one fits best for your use case based on accuracy and response times. Ensure that all relevant variables that impact the outcome are considered during prediction. It is very important to include relevant variables and eliminate irrelevant ones. Test for model accuracy repeatedly with multiple subsets of data. The accuracy should be stable across multiple data sets for the model to be effective in the field. Predictive analytics teams should have the right composition of talent…
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