What are the Key Types of ML Algorithms Used in Business?
There are several types of ML algorithms that can be particularly useful for business leaders:
Supervised Learning: This type involves training an algorithm on a labeled dataset, which means the outcomes are already known. It is useful for tasks like classification and regression. Unsupervised Learning: Here, the algorithm is given data without explicit instructions on what to do with it. It is ideal for clustering and association tasks. Reinforcement Learning: This involves training algorithms through trial and error, making it suitable for dynamic and complex environments. Deep Learning: A subset of ML, deep learning uses neural networks with many layers to analyze various levels of data. It is highly effective for image and speech recognition.