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Casual Articles - Data Mining Models - Tom's Ten Data Tips
So many business leaders and MBA professors say that cutting prices actually hurts profits and it hurts the industry and no one wins. This may be well documented in industries where price competition was not applied correctly or one company started dumping into the market in order to increase market share, but if a company is truly on the ball and has their systems, supply chains, manufacturing processes and management under control and they are operating as efficiently as possible, then their business model should allow them to win a price war.In fact in reality; There is nothing wrong with winning on Price! And there is nothing wrong with winning. Artificial market or industry price boosting actually can be a bad thing, because it makes companies weak and fat, instead of lean and trim and ready to complete the marathon at a record breaking pace. I would like to state for the record that if you cannot beat your competition on price if they start a price war, then you are not as efficient as you should be.In that case you are too fat and no longer have the agility of a start up in the
1. A Predictive Model Relies On The Future Being Like The Past
As Yogi Berra said: “Predicting is hard, especially when it’s about the future”. The same holds for data mining. What is commonly referred to as “predictive modeling”, is in e
A significant part of the businesses that sustain their activity in today’s competitive markets rely on the latest, state-of-the-art marketing strategies in order to overcome the competition and achieve a successful promotion of their offered services or products. However, one of the most applicable and reliable marketing trick (and also the oldest, despite the abundance of recently introduced marketing solutions) consists in regularly establishing promotions, discounts and special offers with the purpose of attracting a consistent number of customers towards certain categories of products or services.Unlike other types of marketing strategies, discounts and other similar approaches have the remarkable characteristic of bringing equal benefits to both parties involved in a transaction: the business that uses discounts and special offers achieves better exposure, attracts more targeted customers and consequently increases profits, while the customer is able to economize money without making any compromise (is provided with products or services of the same quality, but for lower prices).
If you ask my son, Carmen Elektra is the ultimate model. She replaces an image of women in general, and embodies a particular attractive one at that. A model for a wind tunnel, may look like the real car, at least the outside, but doesn’t need an engine, brakes, real tires, etc. The purpose is to focus on aerodynamics, so this model only needs to have an identical outside shape.
Data Mining models, reduce intricate relations in data. They’re a simplified representation of characteristic patterns in data. This can be for 2 reasons. Either to predict or describe mechanics, e.g. “what application form characteristics are indicative of a future default credit card applicant?”. Or secondly, to give insight in complex, high dimensional patterns. An example of the latter could be a customer segmentation. Based on clustering similar patterns of database attributes one defines groups like: high income/ high spending/ need for credit, low income/ need for credit, high income/ frugal/ no need for credit, etc.
1. A Predictive Model Relies On The Future Being Like The Past
As Yogi Berra said: “Predicting is hard, especially when it’s about the future”. The same holds for data mining. What is commonly referred to as “predictive modeling”, is in e
Although daunting at first the benefits and rewards of promoting your products online can easily be distinguished.The overheads of running a business online are considerably reduced as there is no need to have premises to show your products, which in turn means no electricity, heating or general running costs. Also the staffing levels will also be greatly reduced. All you will need to get started is a computer, Internet connection and a good accountant.However you do need to be aware of the problems a traditional business does not have to face such as hackers, viruses, websites going down and data preservation.Firstly you must take into account the type of goods you wish to sell. Bear in mind certain products do not sell well over the internet. Fresh food will spoil if it has to travel half way round the world, livestock has many regulations to overcome and shipping heavy goods will put people off because off the increased shipping costs.The most important aspect of starting an online business is to generate traffic to your site. It is no good having a marvellous produc
If you ask my son, Carmen Elektra is the ultimate model. She replaces an image of women in general, and embodies a particular attractive one at that. A model for a wind tunnel, may look like the real car, at least the outside, but doesn’t need an engine, brakes, real tires, etc. The purpose is to focus on aerodynamics, so this model only needs to have an identical outside shape.
Data Mining models, reduce intricate relations in data. They’re a simplified representation of characteristic patterns in data. This can be for 2 reasons. Either to predict or describe mechanics, e.g. “what application form characteristics are indicative of a future default credit card applicant?”. Or secondly, to give insight in complex, high dimensional patterns. An example of the latter could be a customer segmentation. Based on clustering similar patterns of database attributes one defines groups like: high income/ high spending/ need for credit, low income/ need for credit, high income/ frugal/ no need for credit, etc.
1. A Predictive Model Relies On The Future Being Like The Past
As Yogi Berra said: “Predicting is hard, especially when it’s about the future”. The same holds for data mining. What is commonly referred to as “predictive modeling”, is in e
Everyone is a writer. Writing is the basis of all wealth, as my mentor says. You need to be writing (something) every single day. You can’t keep all that stuff bottled up inside. It’s not good for you. Write, write, write.Everyone is in marketing. Your words, actions, emails and conversations are either supporting or refuting your brand. Everyone in your company is responsible for marketing your company.Everyone is in sales. Because people buy people first. Because people aren’t loyal to companies, they’re loyal to people. Because it doesn’t matter what product or service you sell, customers buy YOU before anything.Everyone is the CEO (of You, Inc.). Tom Peters was the first to coin this phrase. It’s been around for a good 10 years now. There are books written about it, articles explaining it, even experts who can show you how to do it. It’s no longer a fad. It’s just the way it is.Everyone has a voice. God bless the Internet! With the advent of blogs, social networking and other virtual soapboxes, there’s no excuse for n
Data Mining models, reduce intricate relations in data. They’re a simplified representation of characteristic patterns in data. This can be for 2 reasons. Either to predict or describe mechanics, e.g. “what application form characteristics are indicative of a future default credit card applicant?”. Or secondly, to give insight in complex, high dimensional patterns. An example of the latter could be a customer segmentation. Based on clustering similar patterns of database attributes one defines groups like: high income/ high spending/ need for credit, low income/ need for credit, high income/ frugal/ no need for credit, etc.
1. A Predictive Model Relies On The Future Being Like The Past
As Yogi Berra said: “Predicting is hard, especially when it’s about the future”. The same holds for data mining. What is commonly referred to as “predictive modeling”, is in e
You may not quite know it, but the limited liability corporation (others also call it a limited liability company) has become the most popular form for organizing business and investment activities. There are many benefits to be derived from a limited liability corporation.For instance, if you are a doctor, lawyer or some other professional and you want to protect your assets from malpractice suits and other claims, you can organize a limited liability corporation for that purpose. You can transfer your personal investment portfolio into the limited liability corporation to better protect it from claimants trying to reach the assets.Alternatively you may be a parent wanting to minimize estate tax costs while retaining effective control over your family business and investments. You can transfer such assets into a limited liability corporation and serve as the manager with sole voting rights in the business, thus accomplishing your twin objectives.You may ask, what is a limited liability corporation? Like the usual corporation, the limited liability corporation is an entity forme
1. A Predictive Model Relies On The Future Being Like The Past
As Yogi Berra said: “Predicting is hard, especially when it’s about the future”. The same holds for data mining. What is commonly referred to as “predictive modeling”, is in e
If you are looking for a great career, you may want to think about business school. This is an amazing opportunity that will get you where you want to be in life. You will have a great time and you can enjoy the fun and the excitement of being very professional in your lifestyle. You will want to make the most of your life and you can achieve this goal when you have the right amount of effort going into it. There is nothing better than making the most of your ability. When you have a lot of drive and a lot of will to do something great, you can achieve the best goal in life. Finding out what you want to do is not always easy, however when you have someone in life to start, you will find it to be a lot easier to get where you want to be. Business school is an amazing opportunity. You will see that you can be a high power business professional when you have the right training. You can make your life what you want it to be with a great school backing you up. Getting an education in the field that you want is something that will make you stronger and go after the goals in life that you have. You
1. A Predictive Model Relies On The Future Being Like The Past
As Yogi Berra said: “Predicting is hard, especially when it’s about the future”. The same holds for data mining. What is commonly referred to as “predictive modeling”, is in essence a classification task.
Based on the (big) assumption that the future will resemble the past, we classify future occurrences for their similarity with past cases. Then we ‘predict’ they will behave like past look-alikes.
2. Even A ‘Purely’ Predictive Model Should Always (Be) Explain(ed)
Predictive models are generally used to provide scores (likelihood to churn) or decisions (accept yes/no). Regardless, they should always be accompanied by explanations that give insight in the model. This is for two reasons:
- buy-in from business stakeholders to act on predictions is of eminent importance, and gains from understanding
- peculiarities in data do sometimes arise, and may become obvious from the model’s explanation
3. It’s Not About The Model, But The Results It Generates
Models are developed for a purpose. All too often, data miners fall in love with their own methodology (or algorithms). Nobody cares. Clients (not customers) who should benefit from using a model are interested in only one thing: “What’s in it for me?”
Therefore, the single most important thing on a data miner’s mind should be: “How do I communicate the benefits of using this model to my client?” This calls for patience, persistence, and the ability to explain in business terms how using the model will affect the company’s bottom line. Practice explain
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