Predictive Analysis Report Interpretations for Newbie

Question

Hi everyone!!

I am not an expert in stats so I don't really know about the statistic terms etc. I only have a month to explore predictive analysis using Alteryx. I have started by exploring the Predictive Starter Kits.

The problem is, I don't really know how to interpret the reports output. Even though they did explain in the demo, I am not really clear about it(maybe because I do not have basic knowledge on it)

For example, from the image attached I know that important things need to be analyzed are Multiple R-Squared and it is good if it is high. But what does it means if R-squared high, and what if it is low? What about the others?

Can anyone give me suggestions on where can I refer to in order to interpret the report?

I am so afraid I would not have enough time for this. Do you think I would have enough time to explore? huhuhu Please help!

fmvizcaino · Accepted Answer

Hi @shakilarosli_ ,

I would suggest for you to read the responses in this topic explaining what the R-squared means.

https://community.alteryx.com/t5/Alteryx-Designer-Discussions/Understanding-the-Linear-Regression-Output/td-p/73058

One thing important about the coefficients are the '*' in the last column, you have from zero to  three '***' . The higher the better, which means that coefficient is high correlated to what you are trying to predict. A quick decision about it is that the coefficients with no * should be eliminated from your model. To do that automatically, you can use a stepwize serialized with your regression. To learn a bit more, check the link below.

https://www.thedataschool.co.uk/andrew-lehm/alteryx-stats-tools-for-beginners-part-3-regression-analysis/

This link also talks about the model comparisson tool, which gives you a hand to analyze the model accuracy, so I suggest you to download it from the Gallery.

https://gallery.alteryx.com/#!districts/56327e37aa690a17f0760bdc

Useful links to quick understading:

Great Alteryx course

https://community.alteryx.com/t5/Learning-Paths/tkb-p/learning-path

Data exploration and preparation before predictive modelling

https://www.analyticsvidhya.com/blog/2016/01/guide-data-exploration/

https://community.alteryx.com/t5/Alteryx-Designer-Knowledge-Base/Tool-Mastery-Linear-Regression/ta-p/35464

https://community.alteryx.com/t5/Alteryx-Designer-Knowledge-Base/Tool-Mastery-Logistic-Regression/ta-p/159461

One month is not enough to master everything about predictive analytics, but it is more than enough to give you a nice idea about it! Also, with Alteryx, you don't have to learn the coding, so YAY!!!!!

Best,

Fernando Vizcaino