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…

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

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

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…

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

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,…

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

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