Guidelines for assessing the value of a predictive algorithm: a case study

Ossi Ylijoki ()
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Ossi Ylijoki: Lappeenranta University of Technology (LUT)

Journal of Marketing Analytics, 2018, vol. 6, issue 1, No 3, 19-26

Abstract: Abstract Predictive algorithms are increasingly used to support decision making. Understanding the costs and benefits of a predictive model is an important aspect for businesses. However, algorithms are abstract, and their impact oftentimes remains vague. We present a case study, where a machine-learning algorithm is used for bid qualification. We show how to apply classification matrices for business value assessment and propose guidelines and metrics for interpreting the impact in practical solutions.

Keywords: Business case; Business value; Big data; Case study; Machine learning; Predictive analytics (search for similar items in EconPapers)
Date: 2018
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DOI: 10.1057/s41270-017-0027-1

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