Forecasting: Machine Learning vs Classical Statistics – Which path to choose?

Session
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Infos
Wednesday, December 5 2018
11:30 - 12:30
Room:
Salon 10

People always wanted to know what the future holds. After all, forewarned is forearmed. For businesses, although often undermined, forecasting is pivotal.

Classical statistical forecasting has been utilized since the first half of the previous century yielding decent results with relatively few data.

However, “data hungry” machine learning algorithms are revolutionizing many areas of our lives, among them forecasting.

What are the advantages and disadvantages of modern vs. classical methods. How is one to decide which to choose?

And where to turn when you need good predictions for your business KPIs.

Behind the Tracks