Author Question: Spot buying refers to the purchasing of goods and services according to a schedule, usually at ... (Read 40 times)

Collmarie · **on:** Jul 7, 2018

Spot buying refers to the purchasing of goods and services according to a schedule, usually at prevailing market prices that are determined by supply and demand.

Indicate whether the statement is true or false

Question 2

Briefly describe five techniques (or algorithms) that are used for classification modeling.

What will be an ideal response?

fur · **Reply #1 on:** Jul 7, 2018

Answer to Question 1

FALSE

Answer to Question 2

Decision tree analysis. Decision tree analysis (a machine-learning technique) is arguably the most popular classification technique in the data mining arena.
Statistical analysis. Statistical techniques were the primary classification algorithm for many years until the emergence of machine-learning techniques. Statistical classification techniques include logistic regression and discriminant analysis.
Neural networks. These are among the most popular machine-learning techniques that can be used for classification-type problems.
Case-based reasoning. This approach uses historical cases to recognize commonalities in order to assign a new case into the most probable category.
Bayesian classifiers. This approach uses probability theory to build classification models based on the past occurrences that are capable of placing a new instance into a most probable class (or category).
Genetic algorithms. This approach uses the analogy of natural evolution to build directed-search-based mechanisms to classify data samples.
Rough sets. This method takes into account the partial membership of class labels to predefined categories in building models (collection of rules) for classification problems.