How To Make The Best Of Your Data Set?

The predictions we make from the data set are probably our best bet when it comes to taking business decisions. In spite of choosing the right data set,  cleaning the data and applying the right analytics model, there might still be problems that we face in getting the right predictions. Let us take a look at some of the reasons that could be behind it.

We might able be failing despite using the correct techniques and variables. As a beginner, it is quite difficult to gauge why exactly this is happening. Well, there can be several reasons but one probable reason is giving the same priority to every element in the data set.

Suppose you have a Big Bazaar and you have to predict the average sale that a new customer is likely to have.  Thus, your target variable is the sale amount.  This target variable affects several business decisions that you need to take such as quantity of and types of products to be ordered, additional employees that need to be taken in, etc.

To compute this target you may use the following data set or something similar- Your present sales sheet which contains your customer details that affect our product sale. Here, even the correct data and linear regression model might end up giving you an inaccurate prediction.

Here is why. Your list probably contains all sorts of customers, the established long-standing (Let’s call the Type A), relatively new clients(Type C) and those which are somewhere in between(Type B). In this case, the data from long-established is likely to be more accurate than that of the newer clients, but you’re giving the same priority to each element in the dataset. In order to get a more accurate prediction, higher priority needs to be given to the data by the more established clients.

This priority can be implemented in the analytic model simply by creating a new column which gives the weightage of each row of data. Each row that contains information by the established customers is to be given a higher weightage and the newer clients a lower weightage. This can be implemented in the following manner:

company and weightage

As more emphasis is placed on the data obtained from long established companies your prediction will turn out to be more accurate leading to much better decisions.

As a data analyst or even an entrepreneur, we must realise that different factors can have a different effect on the predictions. All factors do not have the same effect and our prediction models must echo this. I hope this helped you in making better decisions for creating and evaluating your analytical model. I would really like to hear the kind of experiences in creating such analytic models in the comments.

Advertisements

ProductHunt – Why You should Check it Out?

Technology is developing at an exponential rate. So is the influx of startups that are coming up with innovative products that simplify pretty much everything that we want to be done. There is also no dearth of path breaking products that strive to make the impossible possible.

In this current scenario, it can be an extreme disadvantage for you, as a person who aspirant for success to be left in the dark in reference to these. As a developer, your missing out an update on similar products in the market or perhaps a tool that you can leverage in order to make your product even better is troubling. There are several ways for you to stay abreast of the latest happenings.

The first and foremost is, of course, News. The news always contains the current highlights and the newest trends, technology and products that are coming up. The only problem is, the news generally tends to cover the products that have already made it big. This leaves you in the dark about perhaps the up-and-coming interesting products that are still developing or those you would want to be a part of.

ProductHunt is one such platform where you can experience this. The tagline, The Best New Products, every day is an apt tagline. Basically, it contains all new products that are coming up, with an ever increasing and updated list. As a community member, you can both share and discover products.

Since products are added daily, there’s something new to see every time you log in. Also, many of the products are in the Beta stage so you get an early chance to test it out or perhaps even apply for a job if you really like a product or its vision.

One of the best features is the Ask. Here you can put up a question, say, there is a kind of product that you want to find. It is put up and the community members then recommend the appropriate product to the user. This feature is quite efficient and can be extremely useful for both developers, startup founders, and even individuals.

Apart from ProductHunt, there are several other websites that keep up with the latest products and start-ups coming up it into the market. It is always a good idea to keep to these trends. You can check this out to see some more resources and keep learning!

Open Source: What It Means and To Whom?

The simplest possible definition for Open Source is probably,

The term “open source” refers to something people can modify and share because its design is publicly accessible.

As given in by OpenSource.com.

In terms of real world example, you can think of a mechanical engineer having free access to both the blueprint as well access to the whole structure and build of the car. You can build up the car according to your individual requirements as well bringing up design changes that you think can improve the overall design. You also have the opportunity to fix up any errors in the overall performance.

This video also gives an interesting example of Open Source Development.

POPULARITY

The survey reports that 78 percent of its respondents are now running their businesses with open source software, and two-thirds are building software for their customers that’s based on open source software. More significant, the percentage of respondents actually participating in open source projects has increased from 50 percent to 64 percent, and 88 percent say they expect to contribute to projects within the next three years.

The above facts and figures as presented on infoworld.com tell the story about the rise and rise of Open Source Software.

THE PEOPLE BEING AFFECTED AND WHAT IT MEANS TO THEM

  1. First-Timers and Beginning Developers
  2. Companies
  3. Seasoned Developers
  4. The general massIt seems that Open Source is something that is not only going to gain importance in the future but can add value to work in terms of functionality, individual capability,  as well as monetary benefits. With contribution and co-operation being the dominant theme it is definitely something for you to explore. Here is how you can as a new developer.