Ron Kenett, Professor, KPA, Samuel Neaman Institute, Technion, Israel and University of Turin, Italy
Christopher Gotwalt, Chief Data Scientists, JMP
The famous Stanford mathematician, Sam Karlin, is quoted as stating that “The purpose of models is not to fit the data but to sharpen the question” (Kenett and Feldman, 2022). A related manifesto on the general role of models was published in Saltelli et al (2020). In this talk, we explore how different models are used to meet different goals. We consider several options available on the JMP Generalized Regression platform including ridge regression, lasso, and elastic nets. To make our point, we use two examples. A first example consists of data from 63 sensors collected in the testing of an industrial system (From Chapter 8 in Kenett and Zacks, 2021). The second example is from Amazon reviews of crocs sandals where text analytics is used to model review ratings (Amazon, 2022).
References
Amazon, 2022, https://www.amazon.com/s?k=Crocs&crid=2YYP09W4Z3EQ3&sprefix=crocs%2Caps%2C247&ref=nb_sb_noss_1
Feldman, M. and Kenett, RS (2022), Samuel Karlin, Wiley StatsRef, https://onlinelibrary.wiley.com/doi/10.1002/9781118445112.stat08377
Kenett, RS and Zacks, S. (2021) Modern Industrial Statistics: With Applications in R, MINITAB, and JMP, 3rd Edition, Wiley, https://www.wiley.com/en-gb/Modern+Industrial+Statistics%3A+With+Applications+in+R%2C+MINITAB%2C+and+JMP%2C+3rd+Edition-p-9781119714903
Saltelli, A. et al (2020) Five ways to ensure that models serve society: a manifesto, Nature , 582, 482-484, https://www.nature.com/articles/d41586-020-01812-9
