What information would you take into consideration when determining if an advanced modeling technique is appropriate? Advantages and Disadvantages of Using Advanced Modeling Techniques

There are advantages and disadvantages to using advanced modeling techniques

It is important to consider both the benefits and drawbacks of advanced modeling techniques when deciding if they are appropriate. You need to evaluate the data available, methods of data collection, and resources. (Pandey and Wilcox (2015) The accuracy and complexity of the model will be affected by these factors. Also, other factors such as the time taken to implement the model and the knowledge of the team responsible should be considered (Lixian, 2021). You should also consider potential advantages such as better accuracy and predictive ability.   Any potential performance improvements must be balanced against the complexity of advanced modeling techniques. A simpler model might be better if the advanced modeling technique doesn’t provide substantial gains. It is also important to consider the effects of tuning model. It may be difficult to do so if you don’t have the resources or time (Pandey & Wilcox 2015). It is important to consider the availability and cost of training data. Insufficient data can cause the model to not achieve its full potential (Lixian, 2021).   It is important to weigh the pros and cons of advanced modeling techniques when making a decision about whether it is suitable. A well-informed decision is possible when you weigh the benefits against the costs.   References  Pandey, G., & Wilcox, K. (2015). Modeling Techniques: A Guide to What’s Right for Your Project. Cambridge University Press, UK.  Lixian, Y., Jinke, Y., Xiao, L., & Weixun, T. (2021). The Selection of the Right Modeling Method for Business Analytics Projects. Business & Information Systems Engineering, 63(6), 665-678. doi:10.1007/s12599-018-0540-7Cont…

Place your order
(550 words)

Approximate price: $22

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
The price is based on these factors:
Academic level
Number of pages
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more