Best practices for algorithms
The choice of which algorithm to deploy to answer a business question depends on a variety of parameters, and there is no one good answer. The choice of algorithm generally depends on the nature of the predictor and output variables; also, the overarching nature of the business problem at hand—whether it is a numerical prediction, classification, or an aggregation problem. Based on these preliminary criteria, one can shortlist a few existing methods to apply on the dataset.
Each method will have its own pros and cons, and the final decision should be taken keeping in mind the business context. The decision for the best-suited algorithm is usually taken based on the following two requirements:
- Sometimes, the user of the result is interested only in the accuracy of the results. In such cases, the choice of the algorithm is done based on the accuracy of the algorithms. All the qualifying models are run and the one with the maximum accuracy is finalized.
- At...
