Question

a. Why is machine learning necessary for the financial sector?  

b. Imagine you want to teach your dog to fetch a ball. Since your dog won’t learn if you simply command it “Fetch the ball!”, you decide to take another approach. Each time you throw the ball and the dog goes after it and brings it back, you give it a dog treat. So the dog gets enthusiastic and performs the same task each time you throw a ball in order to get more treats. Eventually, the dog becomes a pro at fetching the ball. Which machine learning approach is the most similar with the mentioned example? Justify your answer.

c. Suppose you are a doctor. You have encountered a patient with an extremely rare disease. You decide to admit her in a medical trial, but you do not have enough information or list of trials. How can machine learning help you in this case?

Answer 1

a) Machine learning in financial sector will help in improving the risk management, we can predict any financial crisis coming our way and plan the things better. We will be able to do prediction if we should give loan to specific person based on his financial history.

b) Learning algorithms in machine learning is the best use case of the above said problem, in depth it is supervised learning.

c) In this problem the machine learning can be used to first collect all the information available on internet related to this disease and then predict how the problem was treated in best way and then give information about it.