An overview of practical examples and applications in every industry
Here's a practical example from real estate:
1. Given historical real estate data, a computer learns the relationship between home selling price and data about that house: for example the number of bedrooms, square footage, and location. Then a computer might learn that the price of a house increases by $10,000 for every bedroom it has.
2. The computer can now accept data about a house that hasn't sold yet, and accurately predict its selling price using those data relationships.
In Machine Learning, computers learn the “rules” hidden in the data that predict a key business outcome. (This is unlike software, where the “rules” computers follow must first be written by programmers.)
Machine learning has powerful applications in every industry:
With large datasets, machine learning does what humans can’t: