Advanced analysis - directed methods
Some of the most important directed techniques include classification, estimation, and forecasting. Classification means to examine a new case and assign it to a predefined discrete class. For example, assigning keywords to articles and assigning customers to known segments. Next is estimation, where you are trying to estimate the value of a continuous variable of a new case. You can, for example, estimate the number of children or the family income. Forecasting is somewhat similar to classification and estimation. The main difference is that you can't check the forecasted value at the time of the forecast. Of course, you can evaluate it if you just wait long enough. Examples include forecasting which customers ...
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