Probability
Data Mining Techniques in Healthcare
Scenarios
Key Statistical Factors
Statistical Analysis Techniques
Data Mining Techniques for Risk Management
Drive Financial Performance
Understanding Predictive Techniques
Statistical Models for Data Interpretation 
Logistic Regression A statistical model that predicts the
probability of a binary outcome based on one or more predictor variables
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Data Mining Techniques in Healthcare Logistic Regression Used for binary classification problems, predicting the
probability of a certain class
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Scenarios Monte Carlo Simulation: A statistical technique that uses random sampling to estimate the
probability of different outcomes in a process
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Key Statistical Factors p-Value: The
probability of obtaining test results at least as extreme as the observed results, under the assumption that the null hypothesis is true
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Statistical Analysis Techniques Logistic Regression: Used for binary outcome variables to predict the
probability of a certain class or event
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Data Mining Techniques for Risk Management involves identifying, assessing, and prioritizing risks followed by coordinated efforts to minimize, monitor, and control the
probability or impact of unfortunate events
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Drive Financial Performance Common simulation methods include: Monte Carlo Simulation: A statistical technique that allows for the modeling of the
probability of different outcomes in processes that cannot easily be predicted
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Understanding Predictive Techniques Analytics Predictive analytics involves the use of data, statistical algorithms, and machine learning techniques to identify the
probability of future outcomes based on historical data
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Exploring Clustering Techniques in Business to determine Model-Based Clustering Model-based clustering assumes that the data is generated from a mixture of several
probability distributions
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Implementing Machine Learning for Risk Management involves identifying, assessing, and prioritizing risks followed by coordinated efforts to minimize, monitor, and control the
probability or impact of unfortunate events
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