Creating Predictive Models in Machine Learning
In this article, I am going to discuss Creating Predictive Models in Machine Learning with Examples. Please read our previous article where we discussed Distance Measure Types in Machine Learning with Examples.
Predictive Models in Machine Learning
Let’s break down the predictive analysis procedure into its fundamental components to better grasp the strategic areas. It can be classified into these sections in general. Each component takes a certain amount of time to complete. Let’s have a look at these points step by step:
Understanding Business Objective –
Determine the scope and parameters of the predictive analytics model you want to create. In this step, you’ll figure out which business processes will be examined and what the expected business objectives are, such as product adoption by a specific consumer segment.
Data Exploration –
Predictive analytics necessitates a large amount of data. In this step, you’ll need to figure out what data you’ll need, where it’ll be stored, whether it’ll be easily available, and how it’ll be used.
Data Cleaning –
Collect, clean, and combine data. You may need to clean the data after you know where the relevant data is located. You’ll want to start with a consistent and thorough set of data that’s ready to be analyzed while creating your model. Because this is the most time-consuming process, we’ll need to come up with creative ways to get through it. Here are two easy techniques that you might use:
- Make dummy flags for the value(s) that are missing. The missing values in variables can sometimes include a significant quantity of data.
- Fill in the null values using the mean or any other approach that is the simplest. For the initial iteration, I’ve discovered that mean is the best option. Only in circumstances where Descriptive analysis reveals a clear trend, do you need to use a more intelligent strategy.
Model Analysis –
Analytics should be included in business processes. To make the model useful, you must include it into the business process so that it may be used to aid in the achievement of the goal.
Model Building –
Create the test model after you’ve established the hypothesis. The purpose is to include and exclude various variables and parameters and then test the model using historical data to see if the model’s results support the hypothesis.
Model Evaluation –
Keep an eye on the model and keep track of the financial results. You’ll need to keep an eye on the model and see how effective it is in producing the desired result. As conditions change, it may be required to make adjustments and fine-tune the model.
In the next article, I am going to discuss K-Means Clustering in Machine Learning with Examples. Here, in this article, I try to explain Predictive Models in Machine Learning with Examples. I hope you enjoy this Predictive Model in Machine Learning with Examples article.