29. What is a model?
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Welcome to Aha Moments - The 1-minute newsletter with data and behavioral science insights for busy marketers like you.
As marketers working with data science teams, you will often hear the model. But have you ever wondered (and been afraid to ask) what a model really is?
If you are new to the world of models, here are ten essential things you need to know about them:
A model represents relationships between input data (e.g., product features) and output data (e.g., product price)
A model defines how changes in inputs affect the outputs
It is represented as a mathematical function/equation
Models are built using training data, which is known inputs and corresponding outputs
A model has ‘parameters,’ unique settings or rules that help a model make accurate predictions or decisions
During the model training process, the model’s parameters are adjusted to predict the input data output accurately.
Once trained, a model can be used to make predictions on new, unseen data
A good model can make accurate predictions on data it has never seen before.
There are many different types of models - the choice depends on the problem, the nature of the data, and how accurate and interpretable the results need to be.
Models need to be regularly updated and evaluated (using model performance metrics) to ensure they continue to make accurate predictions as new data becomes available.