Machine Learning has been a topic of extensive research and study. The natural reason for this is that it solves some real-life problems, such as classification and prediction, which are useful in several dimensions like economics, business management, etc. Machine Learning makes use of statistical tools to provide efficient solutions to complex problems. As per Peter DeCaprio, a new area of the application called “Artificial Intelligence” has emerged during the past decade; its success can be attributing largely to the machine learning techniques and approaches developed over time.
One of the most important concepts behind machine learning is ‘regression’. It provides us with a set of statistical tools used for predicting or forecasting continuous variables based on input data containing observations related to these variables. Regression analysis studies the variation in the dependent variable (a numerical measurement) as the independent variable (a set of factors) varies, and also investigates the strength of this association.
Forms of regression include linear regression, logistic regression, Poisson regression, etc.
There are several types of machine learning algorithms like supervised learning, unsupervised learning, reinforcement learning, etc., which help model complex relationships between variables using computers; these methods possess strong mathematical foundations. However, it should be noted that computer science has enabled us to perform efficient computation on large amounts of data with better speed and accuracy than ever before. This is not only useful for Machine Learning applications but also for other real-life problems being faced by businesses today. Classification, clustering are some examples where real-time assistance can have a significant impact.
A classification describes the process of identifying which category an observation belongs to, given a set of categories and prior knowledge about how different categories relate to each other (like in the case of professional basketball players and badminton players). Clustering is in use when the object groupings are not beforehand but may exist if it can discover by inspecting data on hand or experimenting with various cluster-defining algorithms explains Peter DeCaprio.
What is Machine Learning and Different Types of Machine Learning Techniques and Algorithms?
Machine learning allows us to build computer programs that automatically improve our performance through experience. Unlike traditional programs which have to be painstakingly code explicitly with rules and regulations for performing specific tasks, machine learning focuses on creating computer programs that learn from data automatically. This means that machine learning algorithms need not have any prior information programmed into them to work out a solution to a given problem says Peter DeCaprio.
Regression is the best example of a machine learning algorithm that helps improve its performance over time as it gets more data on which it can base its predictions or forecasts. It uses statistical techniques, including many of the classical statistical tools, like linear regression and least-squares estimation, generalized linear models (like multinomial logistic regression), nonlinear regression, etc.
Traditionally, most organizations use multiple software applications for addressing business problems. Huge investments are in building these applications by paying attention to all minute details relating to designing the user interface, graphic representation of results, etc.; little thought is paid to how efficiently they perform computations says Peter DeCaprio. Such an approach may not be cost-effective. When your data set becomes a large and real-time analysis of the data is needing; this has caused organizations to re-evaluate their decision of building an in-house software application.
This has led to increased adoption of Web Services and Service-Oriented Architecture (SOA) engagements. Where applications can be built more efficiently on existing platforms. Without needing to make huge investments or requiring specialized IT resources. This will also allow developers/organizations to focus on the core business logic. Rather than being distracting with application infrastructure concerns related to scalability, reliability, availability, etc.
Machine Learning models are integral components for agile development methodologies by simplifying a great deal. Associated with traditional process modeling steps e.g., requirements gathering, use case modeling, functional design, etc.; these activities require multiple iterations before a suitable solution finalizes. Whereas machine learning models can be making in a few iterations to get desiring results.
‘KDD CUP’ Competition is one of the most informative examples where researchers come together. And demonstrate their developments in areas like clustering, prediction, and association rules mining, etc. Peter DeCaprio says this competition has spurred much advancement in data mining techniques all over the world. By providing participants with an environment that encourages efficient algorithm development. It helped identify new algorithms that were later adopte by industries providing innovative solutions for real-life problems.
Machine learning not only helps in accelerating your application development process. But can also help you build high-performance applications. They are available round the clock by tuning themselves to get better results. On the other hand, this process of self-tuning can be time-consuming. Due to which some organizations prefer keeping applications that are capable of being tune manually. One should consider all these issues before building a machine learning application.