Difference between classification and prediction

Reference no: EM132528186

MITS6002 Business Analytics - Victorian Institute of Technology

Question 1. Carefully Read the "CommBank Retail Business Insights Report FY18" provided with this as an attachment and answer the below questions.

i. Comment on the insights report based on the overall features; including the quality of visualisations, presentability, and the information provided.

ii. List the key information you derive from this insights report and explain how they will be useful in decision making.

iii. Write an abstract (one paragraph) summarising the insights report.

iv. Suggest improvements to this insights report.

Question 2. Regression analysis is a commonly used technique to find relationships among variables. Answer the below questions based on regression analysis.

i. Provide an example where regression analysis can be effectively used.

ii. Collect height and weight data from 10 friends/relatives of yours and complete the below table. Every student in class should have a unique set of values.

	Height	Weight

iii. Draw a scatterplot based on above data. Based on your plot comment on the relationship between height and weight.

iv. Compute the equation of the regression line.

v. Calculate the R2 value and comment on the goodness of the fit.

vi. Use an analytics tool of your choice to calculate the values for iv, and v. Compare them with your answer.

Question 3 Classification and regression are commonly used processes in business analytics.

i. Briefly explain the difference between classification and prediction.

ii. Give examples for classification methods you know.

iii. The following diagram shows a neural network with one hidden layer.

Write down the algebraic equation for y1 in terms of input values i1,i2 and weights w. Briefly explain how neural networks are used for classification.

iv. Give at least three examples how clustering can be used in business analytics. In your answer explain how each business case could be addressed using clustering.

Reference no: EM132528186

Questions Cloud

Planning-organizing-leading and controlling : This course is organized around the four basic functions of management: planning, organizing, leading, and controlling.

Discuss problem based on the request for proposals : This assignment is in response to the Request for Proposals. This document will be two pages, single-spaced, and clearly written. The prospectus will have.

Analyze integrated marketing communications : Analyze Integrated Marketing Communications. How will you provide clarity and consistency across multiple mediums to maximize the communicative impact?

Discuss particular individuals who influenced the culture : Give an example of a current event or a moment in history that triggered a shift in culture. What was it about that moment or event that gave it the power.

Difference between classification and prediction : Comment on the insights report based on the overall features; including the quality of visualisations, presentability, and the information provided.

Cloud security and countermeasures : Discuss how the company approached the problem or what they should have had in place based on the NIST standards.

How does the installation of the recliners impact company : How does the installation of these recliners impact the company's operating leverage? Does the company have more or less risk with the new cost structure?

Define tool used to gather information in short span of time : Include at least one assessment for each of the three early childhood age levels--infant and toddler, preschool, and primary grades (K-3) - for each.

What is primary role for expert witness working : What is the primary role for an expert witness working for the court and not for either side? You might want to look for expert witness testimony to support you

User Account

All Pages