Explore real-world examples like loan assessments, marketing segmentation, and game scoring, showcasing the diverse applications of Classification models. Discover how these models drive accurate predictions and informed decisions.
Table of Contents
Question
Please select all examples of Classification models.
A. Predicting stock price based on earnings report
B. Bank’s assessment of the customer ability to pay back the loan
C. Defining marketing groups by similar buying habits
D. Monitoring time-series data for supervised anomaly detection
E. Predicting the score of the game
F. Reading text in images
Answer
B. Bank’s assessment of the customer ability to pay back the loan
D. Monitoring time-series data for supervised anomaly detection
F. Reading text in images
Explanation
The Classification is a Machine Learning form that predicts the category or class of the label. The classification model belongs to Supervised ML learning and trains the models using previously acquired or historical data for the label.
Option B is correct because, for the bank’s assessment, you need to create a Classification model that, based on historical data, defines classes or categories for the customers’ ability to pay back the loan, like “yes” or “no” categories.
Option D is correct because, for supervised anomaly detection, you need to create a Classification model that, based on historical data, defines “normal and “abnormal” classes or categories for detecting the data irregularities in time-series data.
Option F is correct because we need to use Optical Character Recognition (OCR) technique for reading text in images. OCR utilizes a multi-class Classification model.
Option A is incorrect because you need to use a Regression Machine Learning model for a numeric prediction (stock price) but not a Classification model.
Option C is incorrect because you need to use a Clustering Machine Learning model for grouping buyers based on their buying habits but not a Classification model.
Option E is incorrect because you need to use a Regression Machine Learning model for a numeric prediction (game score) but not a Classification model.
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