Predictive Analytics Times
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5 years ago
It is a Mistake to…. Ask the Wrong Question

 (Part 4 (of 11) of the Top 10 Data Mining Mistakes, drawn from the Handbook of Statistical Analysis and Data Mining Applications) It is very important to have the right project goal; that is, to aim at the right target. This was exemplified (in a positive way) by a project at Shannon Labs, led by Daryl Pregibon, to detect fraud in international calls. Rather than use a conventional approach, which would have tried to build a model to distinguish (rare, but expensive) fraud from (vast examples of) non-fraud, for any given call, the researchers characterized normal calling patterns for each

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