O'Reilly logo

Predictive Analytics For Dummies by Tommy Jung, Mohamed Chaouchi, Anasse Bari

Stay ahead with the world's most comprehensive technology and business learning platform.

With Safari, you learn the way you learn best. Get unlimited access to videos, live online training, learning paths, books, tutorials, and more.

Start Free Trial

No credit card required

Chapter 15

Avoiding Analysis Traps

In This Chapter

arrow Examining your data

arrow Exploring your data potential problems

arrow Dealing with outliers and fitting data to a curve

arrow Evaluating your technical analysis

arrow Describing the limitations of a predictive model

In the quest for building a predictive model, you’ll need to make decisions every step of the way — and some decisions are harder than others. Informed decisions — and an awareness of the common mistakes that most analysts make while building their predictive models — give you your best shot at success.

This chapter offers insights on the issues that could arise when you embark on a journey toward the effective use of predictive analytics. At the outset, consider this general definition:

A predictive model is a system that can predict the next possible outcome, and assign a realistic probability to that outcome.

As you build your predictive model, you’re likely to run into problems in two areas — (1) the data and (2) the analysis. This chapter ...

With Safari, you learn the way you learn best. Get unlimited access to videos, live online training, learning paths, books, interactive tutorials, and more.

Start Free Trial

No credit card required