Question

Business Analytics -MBA

What is machine learning? How does it differ from statistically learning? Give an example of each.

Are both still relevant and important when making business decisions? Explain your answer.

Write your responses in detail with EXAMPLES. Be sure to identify the source of your example in your posting. Your initial post should be of minimum of 300 words.

Answer 1

Machine learning commonly known as ML is the study of computer algorithms that helps to improve automatically through experience from the data known called as training data.

Statistical Learning is a set of tools for machine learning that uses statistics and functional analysis.It is understanding from training data and predicting on unseen data and used to build predictive models based on the data.

Example for machine learning:

Online Customer Support:

Before ,websites offer the option to chat with customer support representative while they are navigating within the site with humans answers. Now website has a live executive to answer your queries. This is done with help of chatbot. These bots tend to extract information from the website and present it to the customers with the help of machine learning algorithms.

Example for  statistically learning:

Data Understanding:

It is used to intimate grasp of both the distributions of variables and the relationships between variables.

Some of this knowledge may come from domain expertise, or require domain expertise in order to interpret. These are used in stock markets,business analytics and so on.

Difference between Machine learning and Statistically learning:

Machine learning learns from data that does not have explicitly programmed instructions. In chat bot for questions given by user it gets answer for from previous questiona and answers that is used to train the algorithm for better results.

Statistical learning, on the other hand, relies on rule-based programming, i.e., it is formalized in the way variables relate to one another. It is based on parameters data from stock market are used to predict whether to buy or sell.

Machine learning can learn from thousands of attributes and observations. This is used so that chat bot gives correct answer to question asked by the user.

Statistical learning is based on a much smaller dataset and significantly fewer attributes. Stock market data are small in size and it is used for future price estimation.

Statistical Learning is mostly about a conclusion reached on the basis of evidence and reasoning. In comparison to Machine Learning which focus attention on, supervised learning, unsupervised learning, and semi-supervised learning.

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