Understanding Relationships in Data

Steven Finlay

Chapter 5 in Credit Scoring, Response Modeling, and Insurance Rating, 2012, pp 114-143 from Palgrave Macmillan

Abstract: Abstract Once data has been gathered and prepared there should be a single, clean and well formatted data set. The data set should contain all predictor variables that are going to be considered for inclusion within the model, as well as the dependent variable (the modeling objective). Predictor variables that were suggested during the project planning phase, but which have subsequently been shown to contain meaningless or incorrect data for the majority of observations, should also have been excluded. For individual observations where data is missing or spurious, then a suitable imputation process should have been applied to infer what the true value is likely to have been, or a default value assigned to represent them.

Keywords: Predictor Variable; Credit Card; Insurance Rate; Interaction Variable; Residential Status (search for similar items in EconPapers)
Date: 2012
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-03169-3_5

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DOI: 10.1057/9781137031693_5

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