How to create a best-fitting regression model?

Best Subset Regression method can be used to create a best-fitting regression model. This technique of model building helps to identify which predictor (independent) variables should be included in a multiple regression model(MLR). This method comprises of scrutinizing all of the models created from all possible permutation combination of predictor variables. This technique uses the … More How to create a best-fitting regression model?

Tools and Application for Business Excellence: Logistic Regression

Overview While statistical techniques like regression, Analysis of Variance aka ANOVA are useful when a response variable (Y) is continuous. However, if the (Y) aka Key Performance Output Variable (KPOV) is discrete than these methods end up being redundant or futile. If the response variable is binary (discrete) and the input variable(s) is/are continuous than … More Tools and Application for Business Excellence: Logistic Regression

Using Naïve Bayes with Speech Analytics Output to predict First Contact Resolution

What is Naive Bayes? It is a classification methodology based on Bayes Theorem assuming independence among the predictors. In simple terms, a Naive Bayes classification assumes that presence of features are not correlated to the other features that are present in the data. Being easy to use and understand it can be used with large … More Using Naïve Bayes with Speech Analytics Output to predict First Contact Resolution

Demystifying the Correlation Conundrum

It often gets confusing and terrifying when trying to solve the puzzle of which correlation technique should be deployed based on the X and Y variables properties. In this article we will discuss two highly used Correlation Analysis Techniques i.e. Pearson Correlation Coefficient and Spearman Rank Correlation. Correlation is a bivariate technique that measures the … More Demystifying the Correlation Conundrum

FRAUD ANALYSIS USING SPEECH ANALYTICS OUTPUT WITH MONTE CARLO SIMULATION

As per the largest market research firm MarketsandMarkets the speech analytics industry will grow to USD 1.60 billion by 2020 at a Compound Annual Growth Rate (CAGR) of 22% from 2015 to 2020. Today the omnichannel world consists of voice, email, chat, social channels, and surveys, and each channel has its own importance. … More FRAUD ANALYSIS USING SPEECH ANALYTICS OUTPUT WITH MONTE CARLO SIMULATION