Statistics and Probability Commons^™

Benchmarking And Practical Evaluation Of Machine And Statistical Learning Methods In Credit Scoring: A Method Selection Perspective, Gwen Verbeck

UNLV Theses, Dissertations, Professional Papers, and Capstones

Predictive models are important tools used in all scientific fields. Machine learning (ML) algorithms and statistical models are widely used for decision-making because of their capability to tackle intricate and unique problems. In domains where data are high-dimensional and contain irrelevant and redundant features, ML algorithms are known to have superior performance over traditional (statistical) learning methods. However, researchers and analysts are often faced with a myriad of techniques to choose from, with no clear consensus on which will perform best for their specific task. Considering resource limitations, exhaustive exploration of all available methods is impractical and often fails to …