What is Naive Bayes? Naive Bayes is a powerful algorithm for text classification based on Bayes’ Theorem. For this reason, it uses the prior probability and posterior probability. The posterior probability equals the prior probability times the likelihood ratio. It allows you to calculate the probability of stolen cars or similar events based on evidence,…
All the swans are white – Is It the only truth? The Black Swan refers to those events which are considered unpredictable in the normal course of business. They are random, unexpected, but highly impactive. These events are considered outliers, because there is no past data which can point towards their occurrence soon. There is…
Heating degree day (HDD) index is a weather-based technical index designed to describe the need for heating in buildings. Cooling degree day (CDD) index is an index describing the need for the cooling (air-conditioning) requirements in buildings. HDD and CDD are derived from meteorological observations of air temperature, interpolated to regular grids at 25 km…
Customer Experience Management in digital economy is the art of connecting heaven and earth for excellent performance, filling extraordinary pleasure and long-lasting satisfaction. Digitalization is not only changing a customer’s behavior, but also their expectation for the experience as the shoppers and users. Customer experience is the overall impression which your company creates on each…
How mamy of you are fiercely fighting for customers and then loosing them. That is annoying. Churn rate Churn rate is how many people are removed or suppressed from your email list (includes unsubscribes, bounces, manual removals, or even unengaged subscribers).Churn rate = (monthly churned subscribers / list size at beginning of month) x 100…
Based on: Linda M. Pittenger, Aaron M. Glassman, Stacey Mumbower, Daisha M. Merritt& Denise Bollenback (2022): Bounded Rationality: Managerial Decision-Making and Data, Journal of Computer Information Systems, DOI: 10.1080/08874417.2022.2111380 Introduction There are limits to human perception, even if we do not realize that. Herbert Simon (Economist and Nobelist) coined the concept of Bounded Rationality. It was the response…
In this article, we introduce the concept of the service delivery network (SDN) defined as two or more organizations that, in the eyes of the customer, are responsible for the provision of a connected overall service experience. This responds to calls for frameworks recognizing that dyadic service encounters are embedded in the series of experiences…
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Sed arcu non odio euismod lacinia. Sit amet cursus sit amet dictum sit. Nunc pulvinar sapien et ligula ullamcorper. Pellentesque diam volutpat commodo sed egestas. Tellus elementum sagittis vitae et leo duis ut diam quam. Eleifend donec pretium vulputate sapien nec sagittis aliquam malesuada bibendum. At risus viverra adipiscing at in tellus. Duis at tellus…
Sed arcu non odio euismod lacinia. Sit amet cursus sit amet dictum sit. Nunc pulvinar sapien et ligula ullamcorper. Pellentesque diam volutpat commodo sed egestas. Tellus elementum sagittis vitae et leo duis ut diam quam. Eleifend donec pretium vulputate sapien nec sagittis aliquam malesuada bibendum. At risus viverra adipiscing at in tellus. Duis at tellus…