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Medical Cost Personal Datasets - Coggle Diagram
Medical Cost Personal Datasets
Features
Age
Sex
BMI
Children
Smoker
Region
Charges
Problem
Understanding and predicting medical insurance costs is complex due to the variety of influencing factors.
Sample Data Source
Kaggle
UCI Machine Learning Repository
government health databases
Significance of the Study
Helps insurance companies set fair premiums, assists policymakers in understanding healthcare costs, aids individuals in managing health expenses
Objectives
Predict medical insurance charges based on personal data
Identify key factors influencing insurance costs
Develop strategies to reduce healthcare expenses
Related Studies
Studies on healthcare cost prediction
Research on the impact of lifestyle factors on medical expenses
Analyses of regional differences in healthcare costs
Possible Solutions
Use machine learning models to predict insurance charges
Implement personalized health plans to manage costs
Advocate for policy changes based on data insights
Tools for Data Management
Excel
RStudio
Algorithm to be used
Linear Regression