BenchMark Quizzes by MDFT Pro

Select Machine Learning Task For Price Prediction

Mark, the Revenue Analytics Manager at MDFT Pro, has been tasked with developing a pricing model for the company’s diverse course offerings. MDFT Pro, a well-known training agency, offers hundreds of different certification courses with varying characteristics such as course duration, difficulty level, instructor expertise, technology requirements, and market demand. Mark has collected extensive historical data about course enrollment fees and wants to build an automated machine learning model that can predict appropriate pricing for new courses based on their specific attributes. The goal is to optimize course pricing to maximize both accessibility for students and revenue for the company.

Which automated machine learning task should Mark select to predict course enrollment fees based on course characteristics?

Choose the correct answer from the options below.

Explanations for each answer:

Classification is incorrect. Classification predicts discrete categories or classes, not continuous numeric values like course prices or enrollment fees.
Regression is correct. Regression is used to predict continuous numeric values like prices, making it the appropriate task for predicting course enrollment fees based on course characteristics.
Time series forecasting is incorrect. Time series forecasting predicts future values based on historical time-based patterns, not price prediction based on categorical features.
Natural language processing is incorrect. Natural language processing works with text and language data, not numeric price prediction from structured course data.
Computer vision is incorrect. Computer vision processes images and visual content, not structured data for price prediction tasks.

Learn more about automated machine learning:

Automated Machine Learning

Exam Preparation Quiz

Select Machine Learning Task For Price Prediction