Why we use models
- A model is just a series of calculations that abstractly represent some systems in the real world. We use models all the time.
- We may work out the routes we could take to get to work at a specific time of the day. We use past data to make predictions about what we can expect in the future in a given set of circumstances.
- As the volume of data and the number of variables increase, the computational task would increase.
- Powerful models aim to forecast inherently unpredictable events and make use of machine learning to look for patterns in the data that would otherwise be missed.
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