From the course: Artificial Intelligence and Business Strategy
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Training an AI model
From the course: Artificial Intelligence and Business Strategy
Training an AI model
- Assume that you work for a nationwide used vehicle retailer and want to train an ML model to take the guesswork out of estimating the market value of used cars. How would you go about it? As the first step, you need to assemble a robust dataset containing relevant data on recent transactions in several thousand used cars. Let's say you have good data on close to 10,000 cars. For each transaction, your database should include data on the output variable, that is sales price, and a number of input features for each car. The features might include make and model, launch year, mileage, color, secondary options such as type of seat, entertainment system, et cetera, exterior and interior condition, repair history, accident history, and so forth. You would then get the data cleaned up and the various labels and formats standardized across all transactions. Since you already have an answer key in your training dataset, that is for each car, values of input features and the resulting sales…
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