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Venky Rao's Blog (18)

Predictive Analytics Demystified

This 30 minute video aims to demystify predictive analytics and present the IBM SPSS predictive analytics portfolio. The contents of the video are as follows:

  • Evolution of Analytics 5:45
  • Why is Predictive Analytics Important? 11:35
  • Demystifying Predictive Analytics 21:30
  • IBM…
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Added by Venky Rao on May 18, 2015 at 11:30am — No Comments

Predictive Customer Intelligence

I co-authored an IBM Redguide on Predictive Customer Intelligence.  You can download a copy here: https://ibm.biz/BdEAia



Here is the Abstract:



What if you knew which customers would most likely respond to a campaign or marketing promotion? Or knew which customers are at risk for attrition and if given the chance could provide retention offers that significantly reduced the…
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Added by Venky Rao on January 7, 2015 at 7:14am — No Comments

Survival Analysis (Video)

In my latest video blog (6.25 minutes), I provide an overview of Survival Analysis, an extremely useful branch of statistics.  

Topics I cover are:

* What is Survival Analysis

* Objectives of Survival Analysis

* Models available to analyze the relationship between a set of predictor variables and the survival time

* Examples of where…

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Added by Venky Rao on January 25, 2014 at 9:22am — No Comments

Choosing the appropriate Clustering Algorithm (Video)

This is a short video that contains the criteria that I use while choosing the appropriate clustering algorithm. If you have other criteria that you use, please do let me know by leaving a comment on my blog or by reaching out to me on Twitter @VRaoRao Thanks!

http://themainstreamseer.blogspot.com/2014/01/choosing-appropriate-clustering.html

Added by Venky Rao on January 18, 2014 at 7:35am — No Comments

The Data Triangle: A Simple Framework For Data

In my latest video blog, I provide an overview of a simple framework that I developed to discuss data.  You can view it here:

http://themainstreamseer.blogspot.com/2014/01/the-data-triangle-simple-framework-for.html

Added by Venky Rao on January 11, 2014 at 7:21am — No Comments

Introduction to Predictive Analytics (video blog)

I recently presented at an event in Nashville introducing Predictive Analytics to the audience and demonstrating some live applications.  Here is the video: http://vimeo.com/80917063

Added by Venky Rao on December 6, 2013 at 2:36am — 1 Comment

Introduction to Classification & Regression Trees (CART)

Decision Trees are commonly used in data mining with the objective of creating a model that predicts the value of a target (or dependent variable) based on the values of several input (or independent variables).  In today's post, we discuss the CART decision tree methodology.  The CART or Classification &…
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Added by Venky Rao on January 13, 2013 at 5:56pm — No Comments

Data Mining and Airline Safety

In today's post, we examine the use of data mining to improve airline safety.  Over the past several decades, air travel has become, statistically, one of the safest modes of transportation.  In the following chart, you will observe that there has been a substantial decline in the fatal accident rate from 1950 through about 1980, even though the actual number of departures has increased significantly:…



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Added by Venky Rao on January 6, 2013 at 6:11pm — No Comments

Introduction to the K-Nearest Neighbor (KNN) algorithm

In pattern recognition, the K-Nearest Neighbor algorithm (KNN) is a method for classifying objects based on the closest training examples in the feature space.  KNN is a type of instance-based learning, or lazy learning where the function is only approximated locally and all computation is deferred until classification.  The KNN algorithm is amongst the simplest of all machine learning algorithms: an object is classified by a majority vote of its neighbors, with the object being assigned…
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Added by Venky Rao on December 1, 2012 at 7:18am — No Comments

Feature selection for efficient modeling

Feature selection, also known as variable selection, feature reduction, attribute selection or variable subset selection is the technique of selecting a subset of relevant features for building robust learning models (Source: Wikipedia). Data mining problems may involve hundreds, or even thousands, of variables that can potentially be used as inputs. As a result, a great deal of time and effort may be spent examining which variables to include in the model. Feature selection allows us to…
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Added by Venky Rao on November 3, 2012 at 10:03pm — 2 Comments

An Introduction to Social Network Analysis

Social network analysis (SNA) is the methodical analysis of social networks.  Social network analysis views social relationships in terms of network theory, consisting of nodes (representing individual actors within the network) and ties (which represent relationships between the individuals).  These…

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Added by Venky Rao on October 14, 2012 at 2:53am — No Comments

Optimizing Direct Mail Campaigns

Direct Mail Campaigns (and their online equivalents) continue to be a popular method to promote a company's offer to potential customers.  All of us have received letters from retail stores, financial institutions and other companies with special offers that prompt us to take speedy action to avail of a discount, a bonus or similar attractive proposition.  In most cases, I tend to discard these letters without opening them and in rare cases I open them before deciding that they don't apply…
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Added by Venky Rao on October 7, 2012 at 9:13am — 2 Comments

An Introduction to Text Analytics

Text analytics, sometimes alternately referred to as text data mining or text mining, refers to the process of deriving high-quality information from text.  High-quality information is typically derived through the devising of patterns and trends through means such as statistical pattern learning.  Text mining usually involves the process of structuring the input…

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Added by Venky Rao on September 29, 2012 at 2:28pm — No Comments

Using Decision Trees in Evidence Based Medicine

In today's post, we explore the use of decision trees in evidence based medicine.  In 1996 David Sackett wrote that "Evidence-based medicine is the conscientious, explicit and judicious use of current best evidence in making decisions about the care of individual patients" [Source: Wikipedia].
 
For our analysis,…
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Added by Venky Rao on September 22, 2012 at 5:45pm — 1 Comment

Numeric Measures for Association Rules

In today's post, we dive into understanding Association Rules for Market Basket Analysis and discuss three numeric measures that should be considered before deciding to act on / make a business decision based on associations that have been observed in the data: (1) Support (2) Confidence and (3) Lift.



Association rules are typically written in the format:



Left hand side Implies Right hand…

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Added by Venky Rao on September 15, 2012 at 7:03am — 6 Comments

Understanding And Interpreting Gain And Lift Charts

Lift and Gain Charts are a useful way of visualizing how good a predictive model is. In SPSS, a typical gain chart appears as follows:







In today's post, we will attempt to understand the logic behind generating a gain chart and then discuss how gain and lift charts are interpreted.





To do this,…

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Added by Venky Rao on September 11, 2012 at 2:54pm — 1 Comment

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