Model Development, Validation, & Evaluation

Overview/Description
Target Audience
Prerequisites
Expected Duration
Lesson Objectives
Course Number
Expertise Level

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Overview/Description
Analytic model management ensures that models are not only superior to alternatives, but they also meet or exceed current business needs. Explore the process of building, validating, and evaluating a predictive analytics model.

Target Audience
All individuals who are new to predictive analytics and wish to use it to optimize their business performance; business leaders; analysts; marketing, sales, software, and IT professionals who want to add predictive analytics to their skill set; and decision makers of any kind

Prerequisites
None

Expected Duration (hours)
1.0

Lesson Objectives

Model Development, Validation, & Evaluation

start the course

recognize key phases in developing a model

recognize important aspects of data preparation for model development

identify key functions in the model creation process

identify key considerations of model validation

balance model complexity with overfitting

identify features of two-fold validation

recognize key features of Occam's Razor

calculate mean squared error measures

recognize prediction variation measures

recognize evaluation measures for classification models

interpret lift and gain charts

interpret ROC curves and AUC

determine the superior classification model

Course Number:
df_prma_a18_it_enus

Expertise Level
Intermediate