Scribd
Upload
5 views1 page

1.1.2 Transcript

This module on Machine Learning with Business Applications focuses on exploring various ML algorithms and their applications in business. It emphasizes the learning process of algorithms, comparing it to human learning, and introduces Tom Mitchell's definition of machine learning involving tasks, performance metrics, and experience. The document also discusses the classification problem in predicting customer behavior as an example of machine learning in action.

Uploaded by

Dev Chan
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
5 views1 page

1.1.2 Transcript

This module on Machine Learning with Business Applications focuses on exploring various ML algorithms and their applications in business. It emphasizes the learning process of algorithms, comparing it to human learning, and introduces Tom Mitchell's definition of machine learning involving tasks, performance metrics, and experience. The document also discusses the classification problem in predicting customer behavior as an example of machine learning in action.

Uploaded by

Dev Chan
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
You are on page 1/ 1

Machine Learning with

Business Applications
Prof. Dinesh Kumar U
Module 1

Machine Learning with Business Applications

Hello and welcome to this module on Machine Learning with Business Applications. In the
module on predictive analytics, we have already learned algorithms and techniques such as
multiple linear regression and logistic regression. In this module, we will explore more ML
algorithms and their business applications. Machine learning algorithms are algorithms that
mimic human learning processes.

As humans, we learn through experience; whereas, algorithms learn from data and models. I
like the definition given by Tom Mitchell formation learning algorithms. According to him a
machine learns with respect to a particular task T performance metric P following experience
E. If the system reliably improves its performance P at task T following experience E. Let us
try to understand Mitchell’s definition a bit more.

There are three components to machine learning, the first one is task, the second is performance
and third one is learning. Let us consider the human learning process. For example, consider
someone trying to learn tennis. Getting the service right requires much practice especially to
learn to serve an ace. To master the service in tennis especially ace player probably must
practice several times; each practice session is a learning opportunity. Now let us look at
machine learning, let the task T be a classification problem.

To be more precise, consider a customer’s propensity to buy a product. The performance P can
be measured through several metrics such as overall accuracy, sensitivity, specificity and the
area under the receiver operating characteristic curve. The experience E is the data and the
model. Each record in the data is a learning opportunity for the model to improve its
performance P.

© All Rights Reserved. This document has been authored by Prof. Dinesh Kumar U and is permitted for use only within the course "Machine
Learning with Business Applications" delivered in the online course format by IIM Bangalore. No part of this document, including any logo, data,
illustrations, pictures, scripts, may be reproduced, or stored in a retrieval system or transmitted in any form or by any means – electronic, mechanical,
photocopying, recording or otherwise – without the prior permission of the author.

You might also like