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Model Accuracy: Basic Concepts

Published April 26, 2017.

One of the characteristics that a good model should have is to be accurate. In this article, we will discuss what is meant by accuracy and how we define what is meant by an accurate prediction. Let’s first review what we mean when we want our models to be accurate. Accurate models are defined as […]

Crime & Commute in Toronto

Published April 5, 2017.

I was talking to a co-worker and she mentioned how there were parts of Toronto she avoided and that sparked something. Wouldn’t it be nice to know if our commute crosses the more dangerous parts of Toronto? That way I don’t unknowingly get off at a stop in a neighbourhood that has the highest number […]

Reject Inference for Application Scorecards

Published March 29, 2017.

Financial institutions rely on credit scoring models to assess the risks associated with granting credit. In particular, application scorecards are commonly used as decision support mechanisms for customer acquisition and are developed based on approved applicants. Declined applicants are not included in the modeling exercise, which makes sense because their performance is not known. However, […]

Data Prep, no shortcuts to good Modelling

Published March 22, 2017.

Data Preparation is the backbone of any analysis and many varied data preparation procedures are available to access and shape data into an appropriate representation for modelling or reporting. Data Preparation is, as those who are involved will attest, a time consuming task. An array of figures have been quoted to reflect the proportion of […]

Optimization: Moving from Insight to Actionable Foresight

Published March 14, 2017.

You’ve probably seen this chart or one like it recently: Most organizations are finding their analytics efforts are somewhere between descriptive and predictive, few have been able to effectively move from only predictive to prescriptive and rely on rules of thumb or gut feel to apply analytic learnings. Many of those who’ve effectively moved into […]

As demand for data science platforms increases, Angoss positions a “Leader” in the 2017 Forrester Wave for Predictive Analytics and Machine Learning Solutions (PAML)

Published March 8, 2017.

In today’s high-speed commercialized market, organizations with similar goals in areas of: profitability, growth, customer service, retention, and so on, compete to secure a successful future. A vast majority of these conglomerates have instinctively determined that data is one of their most precious assets. In fact, it is generalized that data accumulation helps to infer […]

Bankruptcy Scores

Published March 1, 2017.

Most of us have heard about risk scores whether we are seeking to rent a property or applying for a loan. A risk score measures the likelihood of a customer defaulting within a certain time frame. It acts as a tool to help in understanding someone’s probability of missing payments and eventually ending up in […]

Variable Reduction Best Practices

Published February 21, 2017.

Nowadays, in the data mining world, having too much data has become a more prevailing problem than not having enough. Building a predictive model on all available variables can be a time consuming task, one that will take a long time to compute and becomes less robust and harder to interpret. So, what can we […]

Statistical Power

Published February 14, 2017.

Introduction What is statistical power? Sometimes called the sensitivity of a hypothesis test, statistical power describes the ability for a statistical test to identify whether the effect it is trying to find or measure exists or not. If you’re wondering how a test designed to measure a statistical effect might be unable to measure that […]