What are the applications of Elastic Net in machine learning?
An example of an AI chatbot conversation about applications of Elastic Net in machine learning.
What are the applications of Elastic Net in machine learning?
Elastic Net is used for regression problems, especially when dealing with high-dimensional data.
Can you explain how it differs from Lasso and Ridge regression?
Sure! Elastic Net combines both Lasso and Ridge penalties, making it effective for correlated features.
In what scenarios would you recommend using Elastic Net?
It's ideal when you have many predictors, especially when some are highly correlated or when the number of predictors exceeds the number of observations.
Are there any specific industries that benefit from Elastic Net?
Yes, industries like finance, healthcare, and marketing often use Elastic Net for predictive modeling and feature selection.
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