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Machine learning is the Science of programming computers to “learn” from data. It involves using algorithms that can learn from observational data and make prediction without relying on predetermined equations.

They are used in many sectors:

  • Financial – Credit Scoring, Fraud detection

  • Security – Face recognition, Motion detection - Cameras

  • Health – Tumor detection, MRI imaging

  • Education - Tutoring, search engines

  • Transport - Accident prevention, preventive maintenance

Machine Learning Techniques

  1. Regression: establishing a mathematical equation as a model to represent the interactions between the different variables in consideration. Logistal and Linear Regression models are common.

  2. Time Series Model -  forecasting the future behavior of variables. 

  3. Cluster detection: Recognizing distinct clusters or sub-categories within the data

  4. Classification and regression trees (CART) are a non-parametric decision tree learning technique that produces either classification or regression trees, depending on whether the dependent variable is categorical or numeric, respectively.

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