Types of Machine Learning Used in Warranty Management
- Monte Carlo Simulations: These simulations mimic real-world scenarios to predict warranty claims and costs.
- Decision Trees: A simple machine learning algorithm used for classification, regression, or clustering tasks.
- K-Nearest Neighbors (KNN): A type of supervised learning algorithm that helps in making predictions based on the behavior of similar data points.
Benefits of Using Machine Learning in Warranty Management
Key benefits include: faster decision-making, improved customer satisfaction, and reduced costs.