Class imbalance is typical across domains where proportion of one of the classes is very low. The observations belonging to such class is usually important to study as occurrence of the corresponding event is highly impactful. Such events are called Rare Events because of the rarity of their occurrence.  Loan defaults, machine failures, cyber intrusions, insurance claims are some examples of rare events. It is very tough to classify a rare event correctly. Some mechanisms are there which are applied on the dataset or some improvisations are done on the classification algorithms to deal with this challenge.

Instructor's Bio

Biswaroop Mookherjee

 Senior Manager, Analytics and Insights (A&I) at Tata Consultancy Services

Biswaroop Mookherjee is a Statistician who has 13+ years of experience in Data Science across different domains. He has mostly worked on R&D and Solutioning divisions of different organizations. He has conceptualized and developed many Machine Learning based services and products. He is currently employed at Tata Consultancy Services. Biswaroop has research interests in multiple areas of Statistics, Stochastic Processes, Machine Learning and Deep Learning. He is affiliated with academic societies like MUST Research, Indian Bayesian Association, Indian Society of Probability and Statistics.

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    Classification of Rare Events

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