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Determine whether each of the following scenarios is a regression or classification problem, and indicate whether we are most interested in inference or prediction.

1. We collect a set of data on the financial performances and other characteristics of Fortune 500 companies. We are interested in understanding which variables affect the stock price of those companies.
[Choose]

2. We would like to develop a spam filter which predicts whether an incoming email is a junk mail based on the usage of the words in the incoming email.
[Choose]

3. We are about to launch a new product and want to know whether it will be a success or failure based on the results of similar products launched in the past five years.
[Choose]

4. We collect a set of data on the booking records for the flights offered by an airline company and want to find out what are the important factors which determine whether the customer with a reservation for a flight eventually shows up at the time of the flight.
[Choose]



Answer :

GinnyAnswer

Final answer:

Explanation of regression and classification problems with examples in data analysis.


Explanation:

1. We collect a set of data on the financial performances and other characteristics of Fortune 500 companies.
Regression; Inference: This is a regression problem since we are trying to understand the relationship between variables (characteristics) and stock prices, which involve predicting a continuous quantity.

2. We would like to develop a spam filter which predicts whether an incoming email is junk mail based on the usage of words.
Classification; Prediction: This is a classification problem as we are categorizing emails as spam or non-spam, which is a discrete outcome, and our goal is prediction.

3. We are about to launch a new product and want to know whether it will be a success or failure based on past similar products.
Classification; Prediction: This is a classification problem as we are classifying the new product as a success or failure, and our primary interest is prediction.

4. We collect data on booking records for flights and want to identify factors determining customer show-up for flights.
Regression; Inference: This is a regression problem as we seek to understand the factors influencing a continuous outcome (customer show-up), with a focus on inference.


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