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Data Science for Business
By: Fawcett & Provost
CH 7: "…
Data Science for Business
By: Fawcett & Provost
CH 7: "Decision Analytical Thinking:
What is a Good Model?"
Fundamental Concepts:
- Consideration of what is desired
from data results
- Expected value as a key
evaluation framework
- Consideration of appropriate
comparative baselines
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Evaluation, Baseline Performance,
and Implications for Investments
in Data
Importance:
- In order to understand
whether performance is
improving
- Show stakeholders that
mining data has added value
General guidelines
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Often useful to implement
simple, inexpensive models