Time Series is the historical representation of data points collected at periodic intervals of time. Statistical tools like R use forecasting models to analyse historical time series data to predict future values with reasonable accuracy. In this post I will be using R time series to forecast the exchange rate of Australian dollar using daily closing rate of the dollar collected over a period of two years.Continue reading
Decision tree is a data mining model that graphically represents the parameters that are most likely to influence the outcome and the extent of influence. The output is similar to a tree/flowchart with nodes, branches and leaves. The nodes represent the parameters, the branches represent the classification question/decision and the leaves represent the outcome (Screen Capture 1). Internally, decision tree algorithm performs a recursive classification on the input dataset and assigns each record to a segment of the tree where it fits closest.
There are several packages in R that generate decision trees. For this post, I am using the ctree() function available in party package. The data I am using as input is energy rating of household air conditioners.
Box plot is an effective way to visualize the distribution of your data.It only takes a few lines of code in R to come up with a basic box plot.Continue Reading