Data Science and Statistics

How to Choose the Right Statistical Method for Your Prediction Task ?

Predictive modeling depends on choosing the right method based on your data and goal. For example, predicting car prices and weather conditions requires different approaches because their data and patterns differ. 

SUMMARY:

1. Regression is generally used for simple, interpretable tasks.

2. Tree based models are generally used for richer and complex datasets.

3. Time series and LSTM shine when data is time dependent.

4. Bayesian or simulation is perfect when dealing with uncertainty or needing prior knowledge.