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← Predictions - Data Analysis with R

Beágyazókód kérése
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Showing Revision 2 created 05/24/2016 by Udacity Robot.

  1. The results yield an expected value for
  2. price given the characteristics of our diamond, and
  3. the upper and lower bounds of a 95%
  4. confidence level. Note, because this is a linear
  5. model, predict is just multiplying each model coefficient
  6. by each value in our data. It turns
  7. out that this diamond is a touch pricier
  8. than the expected value under the full model,
  9. though it is by no means outside of the 95% confidence interval.
  10. Blue now has by most accounts a better reputation than diamond
  11. however. And reputation is worth a lot in a business that relies
  12. on easy to forge certificates in which the non-expert can be easily fooled.
  13. So, while this model might give you a sense of whether your diamond is a ripoff
  14. against diamonds, it's not clear that
  15. should be regarded as the universal source of truth
  16. over whether the price of a diamond is
  17. reasonable. Nonetheless, to have the expected price and
  18. with a 95% interval, is a lot more
  19. information than we had about the price we should
  20. be willing to pay for a diamond before we started this exercise.