If you want to predict the price of an apartment, which of the following ML techniques you may consider?
Question
If you want to predict the price of an apartment, which of the following ML techniques you may consider?
Solution 1
When predicting the price of an apartment, you may consider the following Machine Learning (ML) techniques:
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Linear Regression: This is a basic and commonly used type of predictive analysis. The overall idea of regression is to examine two things: does a set of predictor variables do a good job in predicting an outcome (dependent) variable? Which variables in particular are significant predictors of the outcome variable, and in what way do they–indicated by the magnitude and sign of the beta estimates–impact the outcome variable?
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Decision Trees: Decision trees are a type of model used for both classification and regression. Trees answer sequential questions which send us down a certain route of the tree given the answer. The end point is a prediction for the target variable.
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Random Forest: This is a type of ensemble machine learning algorithm called Bootstrap Aggregation or bagging. It can be used for regression or classification tasks. The idea behind bagging is combining the results of multiple models (for instance, all decision trees) to get a generalized result.
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Gradient Boosting: This is another ensemble machine learning algorithm that can be used for regression problems. It produces a prediction model in the form of an ensemble of weak prediction models, typically decision trees.
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Support Vector Machines: Although it is primarily used for classification problems, it can be used for regression problems as well. The technique can be used for predicting a range of continuous outcomes (including house prices).
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Neural Networks: These are a set of algorithms, modeled loosely after the human brain, that are designed to recognize patterns. They interpret sensory data through a kind of machine perception, labeling or clustering raw input.
Remember, the choice of model will depend on the nature of your data and the specific requirements of your problem.
Solution 2
When predicting the price of an apartment, you might consider the following Machine Learning (ML) techniques:
-
Linear Regression: This is a basic and commonly used type of predictive analysis. The overall idea of regression is to examine two things: does a set of predictor variables do a good job in predicting an outcome (dependent) variable? Which variables in particular are significant predictors of the outcome variable, and in what way do they–indicated by the magnitude and sign of the beta estimates–impact the outcome variable?
-
Decision Tree: This is a type of supervised learning algorithm that is mostly used in classification problems. It works for both categorical and continuous input and output variables. In this technique, we split the population or sample into two or more homogeneous sets (or sub-populations) based on the most significant splitter/differentiator in input variables.
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Random Forest: This is a type of ensemble learning method, where a group of weak models combine to form a powerful model. In Random Forest, we grow multiple trees as opposed to a single tree. To classify a new object based on attributes, each tree gives a classification. The forest chooses the classification having the most votes (over all the trees in the forest).
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Gradient Boosting: This is another ensemble machine learning algorithm that works for both regression and classification problems. Gradient boosting combines multiple weak or average predictors to build a strong predictor by using the boosting technique.
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Support Vector Machine (SVM): In this algorithm, we plot each data item as a point in n-dimensional space (where n is the number of features you have) with the value of each feature being the value of a particular coordinate. Then, we perform classification by finding the hyper-plane that differentiates the two classes very well.
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Neural Networks: These are a set of algorithms, modeled loosely after the human brain, that are designed to recognize patterns. They interpret sensory data through a kind of machine perception, labeling or clustering raw input.
Remember, the choice of the model will depend on the nature of your data and the specific requirements of your problem.
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