A small however necessary distinction that it’s best to know
In lots of information science-related duties, we wish to understand how sure we’re concerning the consequence. Understanding how a lot we will belief a consequence helps us to make higher selections.
As soon as we have now quantified the extent of uncertainty that comes with a consequence we will use it for:
- state of affairs planning to guage a best-case and worst-case state of affairs
- danger evaluation to guage the affect on selections
- mannequin analysis to match completely different fashions and mannequin efficiency
- communication with decision-makers about how a lot they need to belief the outcomes
The place does the uncertainty come from?
Let’s have a look at a easy instance. We wish to estimate the imply value of a 300-square-meter home in Germany. Gathering the info for all 300-square-meter homes isn’t viable. As an alternative, we are going to calculate the imply value primarily based on a consultant subset.
