Regression based models and expert judgement in predictive situations

Abstract

The main scope of this paper to give a short conceptual overview and comparison of regression based multivariate techniques and professional expert judgements in decision-making situations where the goal is to predict the value or the membership of a certain target variable. As a secondary research we overview the related literature. Within the framework of the survey, the most widespread CRISP-DM model development standard and the selection criterias of the appropriate regression based model are discussed as well.