What is it about?
The paper presents a case study, where a machine learning algorithm is used for bid qualification. Moreover, it shows how to apply classification matrices for business value assessment and propose guidelines and metrics for interpreting the impact in practical solutions.
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Why is it important?
Understanding the costs and benefits of a predictive model is an important aspect for businesses. Business executives think of added value. Economic value is a concrete measure which helps in prioritizing investments. Being able to concretize the value of an algorithm is often a decisive factor between a go or no-go decision.
Perspectives
Algorithms, machine learning etc. are a hot topic. However, the concepts are abstract and thus executives and technicians often have hard times in understanding each others. I hope this paper helps communications by providing building blocks and insights that help applying analytics to business problems.
Ossi Ylijoki
Lappeenrannan Teknillinen Yliopisto
Read the Original
This page is a summary of: Guidelines for assessing the value of a predictive algorithm: a case study, Journal of Marketing Analytics, January 2018, Springer Science + Business Media,
DOI: 10.1057/s41270-017-0027-1.
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