From the course: Business Analytics Foundations: Predictive, Prescriptive, and Experimental Analytics
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PRA tools and techniques
From the course: Business Analytics Foundations: Predictive, Prescriptive, and Experimental Analytics
PRA tools and techniques
- Let us look into the tools and techniques used in machine learning for predictive analytics. We start off with data preparation techniques used for predictive analytics. Data cleansing involves moving bad data or badly formatted data. Standardization involves converting data elements to a standard format like date format, name format, etc. Binning involves converting a continuous variable into ranges, like converting age into age ranges. Indicator variables are created for converting text data to integer values, like converting male and female to one and two. Data imputation involves providing data for missing values. Centering and scaling involves adjusting values so that different data elements are in the same scale. For example, salary is in the range of thousands and eight is in the range of tens. Centering and scaling means they will all be changed into a range of one. Additionally, techniques like text frequency,…
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