Data Mining Use Cases and Business Analytics Applications
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Regression models are frequently used for prediction, estimation, and estimation of parameters as well as control. It was evident that the person using the model is not its initial developer. Therefore it is always essential that before the model is released to the users, there is a need for some assessment as far as the validity of the model is concerned. There are two things, model adequacy as well as model validation. Model adequacy is an amalgamation of residual analysis, lack of fit testing, high-leverage or overly influential observations searching as well as some other internal investigation which investigate regression model fit to the present data. Model validation, on the other hand, focuses on the examination of it or not, the model shall function as desired in the intended analysis (Hofmann et al., 2013). It is therefore worth noting that a model which fits well the data, is also likely to be successful in its final application.
Reference
Hofmann, M. and Klinkenber, R. (2013) RapidMiner: Data Mining Use Cases and Business Analytics Applications. Available at: https://ebookcentral.proquest.com/lib/liverpool/reader.action?docID=1378852 (Accessed 09 February 2020).