What is a good weight of evidence?
Rules related to Information Value 0.1 to 0.3, then the predictor has a medium strength relationship to the Goods/Bads odds ratio. 0.3 to 0.5, then the predictor has a strong relationship to the Goods/Bads odds ratio. > 0.5, suspicious relationship (Check once)
How information value is calculated?
Information Value analysis is a data exploration technique that helps determine which columns in a data set have predictive power or influence on the value of a specified dependent variable….Information Value and Weight of Evidence Analysis.
| Information Value | Predictive Power |
|---|---|
| 0.02 – 0.1 | Weak |
| 0.1 – 0.3 | Medium |
| 0.3 – 0.5 | Strong |
| > 0.5 | Suspiciously good; too good to be true |
What is the range of information value?
5. Information Value
| Information Value | Predictive power |
|---|---|
| <0.02 | Useless |
| 0.02 to 0.1 | Weak predictors |
| 0.1 to 0.3 | Medium Predictors |
| 0.3 to 0.5 | Strong predictors |
What is woe machine learning?
Weight of evidence (WOE) is a powerful tool for feature representation and evaluation in data science. WOE can provide interpret able transformation to both categorical and numerical features. The postcode can be viewed as a categorical feature and encoded into a one-hot vector.
What is the weight of evidence?
Weight of evidence refers to a systematic approach that scientists use to evaluate the totality of scientific evidence to assess if the science supports a particular conclusion.
What is weight evidence approach?
The weight of evidence approach means that you use a combination of information from several independent sources to give sufficient evidence to fulfil an information requirement. the information from a single piece of evidence alone is not sufficient to fulfil an information requirement.
What is weight evidence?
The degree to which evidence convinces triers of fact to either accept or reject a factual assertion. Sometimes, the phrase refers to the strength of a single piece of evidence.
Is information value always positive?
Now there exist no possible split of class values that will generate a case with an even worse purity (higher entropy) than before splitting. so no matter how you split those 9 instances, you always get a positive gain in information.
What is weight of evidence in logistic regression?
Weight of evidence (WOE) coding of a nominal or discrete variable is widely used when preparing predictors for usage in binary logistic regression models. When using WOE coding, an important preliminary step is binning of the levels of the predictor to achieve parsimony without giving up predictive power.
Why should WoE be monotonic?
The WoE transformation through monotonic binning provides a convenient way to address each of aforementioned concerns. It is also worth mentioning that a numeric variable and its strictly monotone functions should converge to the same monotonic WoE transformation.
How is the weight of evidence determined?
The weight of evidence is based on the believability or persuasiveness of evidence. The probative value (tending to convince a person of the truth of some proposition) of evidence does not necessarily turn on the number of witnesses called, but rather the persuasiveness of their testimony.
Who determines the weight of evidence?
595; 7 Wend. 380; 2 Vir. Cas. 235.