Translate a vague question into one that can be analyzed with statistics and predictive analytics to solve a business problem.
Free SOA Exam PA (Predictive Analytics) lesson in Predictive Analytics Problem Definition. 8 min read, ~1,189 words.
A vague business question is not analyzable until you name a measurable target variable. Define the unit of observation (per patient, per policy, per claim) explicitly. List candidate predictors by referencing actual data-dictionary fields, not vague concepts. Classification predicts a category; regression predicts a number. Pick one from the target...
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What this lesson covers
- Content
- Example 1
- Example 2
- Common Mistakes
- Check Your Understanding
- Exam Shortcuts
Learning objectives
- 1d
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