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…
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