What is prediction in data mining with an example?
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What is prediction?
Following are the examples of cases where the data analysis task is Prediction −
Suppose the marketing manager needs to predict how much a given customer will spend during a sale at his company. In this example we are bothered to predict a numeric value. Therefore the data analysis task is an example of numeric prediction. In this case, a model or a predictor will be constructed that predicts a continuous-valued-function or ordered value.
Note − Regression analysis is a statistical methodology that is most often used for numeric prediction.
Following are the examples of cases where the data analysis task is Prediction −
Suppose the marketing manager needs to predict how much a given customer will spend during a sale at his company. In this example we are bothered to predict a numeric value. Therefore the data analysis task is an example of numeric prediction. In this case, a model or a predictor will be constructed that predicts a continuous-valued-function or ordered value.
Note − Regression analysis is a statistical methodology that is most often used for numeric prediction.
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