Models and Data: Procedure Selection

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Presentation transcript:

Models and Data: Procedure Selection Jacek Wallusch _________________________________ Introduction to Data Analytics Models and Data: Procedure Selection

Procedure Selection ____________________________________________________________________________________________ models Explaining Variable: continuous data Example: net prices (may vary, e.g. between £10- £15) salaries unit cost sales volume Procedure: ordinary least squares Limitations: possibly normal distribution of variables no outliers Probability distribution and uncertainty and risk – this topic will be reconsidered soon CIMA Data

Procedure Selection ____________________________________________________________________________________________ models Explaining Variable: binary choice data Example: contract won/lost special discount granted/not granted Procedure: binary choice models Popular Probability Distribution: logistic, standard normal Limitations: increasing heterogeneity poor fit Probability distribution and uncertainty and risk – this topic will be reconsidered soon CIMA Data 3

Procedure Selection ____________________________________________________________________________________________ models Explaining Variable: ordinal choice data Example: clustered discounts (0.1-0.15 = 1; 0.15-0.2 = 2; above = 3) ratings (not at all = 1, rather not = 2, rather yes = 3, definitely yes = 4) Procedure: ordinal choice models Popular Probability Distribution: logistic, standard normal Limitations: increasing heterogeneity poor fit Probability distribution and uncertainty and risk – this topic will be reconsidered soon CIMA Data 4

Procedure Selection ____________________________________________________________________________________________ models Explaining Variable: count data (integer-valued data) Example: quantities sold number of orders Procedure: count choice models Popular Probability Distribution: Poisson, negative binomial Limitations: increasing heterogeneity poor fit Probability distribution and uncertainty and risk – this topic will be reconsidered soon CIMA Data 5

Procedure Selection ____________________________________________________________________________________________ models Explaining Variable: defined on a unit interval (fractions) Example: discounts margin (%) Procedure: beta-distribution choice models Popular Probability Distribution: beta Limitations: increasing heterogeneity poor fit Probability distribution and uncertainty and risk – this topic will be reconsidered soon CIMA Data 6