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A Practical Note on Predictive Analytics Usage in Marketing Applications

Author

Listed:
  • Arindam Banerjee
  • Tanushri Banerjee

Abstract

This paper is an attempt to provide a simplified approach to this practical problem of evaluating model performance taking account of the decision context. Two scenarios are discussed; a) a classification problem often used for profiling customers into segments and, b) a volume forecasting problem. In both cases, the leakage is defined (misclassification or uncertainty band) and their impact (adverse) on the subsequent decision is identified. Contextual dimensions that have an impact on the quality of the decision and the scope to alleviate the problem are also discussed. [W.P. No. 2016-05-01].

Suggested Citation

  • Arindam Banerjee & Tanushri Banerjee, 2016. "A Practical Note on Predictive Analytics Usage in Marketing Applications," Working Papers id:10957, eSocialSciences.
    • Handle: RePEc:ess:wpaper:id:10957
    Note: Institutional Papers
    as

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