What is a model and what constitutes a model?

model
datamodeling

#1

I am trying to understand,

  1. what a model is in the field of analytics and what constitutes the same and how can it be achieved?
  2. Tools, techniques that are used for building a model.
  3. Also, what exactly is achieved when one builds a “Model”.

Thanks,


#2

Hi @akash9129,

A model is simply an equation depicting the relationship between y and x’s or your dependent and independent variables.
Consider for example the below data:

I want to see how can I predict the next value of y using this data.Since these are continuous variables linear regression will be used.
The code for doing the same in R:

lm <- lm(y ~ x,data) 

this will fit a line though your data like:

and if you see the output of the model it is:

> lm

Call:
lm(formula = y ~ x, data = df)

Coefficients:
(Intercept)            x  
     1.5698       0.0407

What this means is y = 1.5698 + 0.0407x.
As you can see you can now predict y using the value of x.
This is a very simple explanation of what a model is and how it can be used.
You can look here for a better understanding.
Hope this helps!!


#3

Thank you! The link you have provided says ‘Error’. Is there a good collection of materials that covers the basics of what type of models must be used to what etc?


#4

Try this link
link