Machine Learning: Not Necessarily a New Phenomenon in Predictive Analytics
One of the more recent topics gaining traction in Big Data Analytics is the notion of machine learning. Many people think that this is a recent development or phenomenon occurring as a result of newer Big Data technologies. But think about the phrase “machine learning”. Essentially, the computer “learns” based on what the user or programmer has instructed the computer to do. Let’s start off with a simple example. RFM(recency of purchase,frequency of purchase, and monetary amount per purchase)are commonly used to create indexes where the above actual behaviors of the individual are compared against the average behaviors of the group or population thereby creating indexes for each behavior. Each of these behaviors(recency,frequency, and monetary value) can then be combined to create one overall index. Ranks can then be assigned…
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