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This data alone does not make any sense unless it’s identified to be related in some pattern. Datamining is the process of discovering these patterns among the data and is therefore also known as KnowledgeDiscovery from Data (KDD). Machine learning provides the technical basis for datamining.
This weeks guest post comes from KDD (KnowledgeDiscovery and DataMining). Every year they host an excellent and influential conference focusing on many areas of data science. Honestly, KDD has been promoting data science way before data science was even cool. 1989 to be exact. The details are below.
For super rookies, the first task is to understand what data analysis is. Data analysis is a type of knowledgediscovery that gains insights from data and drives business decisions. One is how to gain insights from the data. Data is cold and can’t speak. From Google. There are two points here.
For example, imagine a fantasy football site is considering displaying advanced player statistics. A ramp-up strategy may mitigate the risk of upsetting the site’s loyal users who perhaps have strong preferences for the current statistics that are shown. One reason to do ramp-up is to mitigate the risk of never before seen arms.
Unlike experimentation in some other areas, LSOS experiments present a surprising challenge to statisticians — even though we operate in the realm of “big data”, the statistical uncertainty in our experiments can be substantial. We must therefore maintain statistical rigor in quantifying experimental uncertainty.
In this post we explore why some standard statistical techniques to reduce variance are often ineffective in this “data-rich, information-poor” realm. Despite a very large number of experimental units, the experiments conducted by LSOS cannot presume statistical significance of all effects they deem practically significant.
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