Machine learning classification algorithms
There are many machine learning algorithms, and new algorithms are being created all the time. Machine learning algorithms take input data and learn, fit, or train during a training phase. Then we use the statistical patterns learned from the data to make predictions during what is called "inference." We will cover some of the basic and simple classification algorithms here:
- Logistic regression
- Naïve Bayes
- k-nearest neighbors (KNN)
The idea with these algorithms is that we give them labeled training data. This means that we have our features (inputs) and a target or label (output). The target should be a class, which could be binary (1 or 0) or multiclass (0 through the number of classes). The numbers 0 and 1 (and others for multiclass classification) for the target correspond to our different classes. For binary classification, this can be something like a payment default, approval to take a...