I am asked this question regularly, both online and in person. There is a simple answer: it doesn’t matter. There are pros and cons to both which have been written about extensively so I won’t reinvent the wheel by making a list here (do a quick search in Google and you’ll find tens of thousands of relevant results).
There is a plethora of classification algorithms available to people who have a bit of coding experience and a set of data. A common machine learning method is the random forest, which is a good place to start.
You are a consultant who has been hired by a business that sells one commodity product. On December 31st the price is $100 per unit. The business owner wants to know what to expect by the end of January.
Your client gave you the message:
Prices are based off the the sales the previous day
Roughly 95% of the time, the price will be +/- $10 compared to the day before
With only a few minutes to make the call, how would you decide on what to expect for the end of January? Continue reading →
This post is dedicated to my mother – Seinfeld’s greatest fan.
Seinfeld is a classic TV sitcom. It featured four main characters surrounded by relatively normal, everyday, run of the mill scenarios. In the spirit of Seinfeld, this post will also “be about nothing.” Continue reading →