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/The Impact and Prediction of Rare Events
The Impact and Prediction of Rare Events
Learn how early detection of rare events can significantly impact outcomes.
Rare event problems surround us all. In this lesson, we present a few motivating examples that highlight the challenges associated with rare events. Before going further, take a moment and think of the rare event problems that you see around. What are their impacts? How would the ability to predict these events change outcomes? Proceed with these thoughts in mind.
Rare diseases detection
There are thousands of known rare diseases, with millions of people worldwide, being affected by these conditions. Some rare diseases are chronic and can be life-threatening. Early detection and diagnosis of these diseases can significantly improve the patients’ health and save lives.
The International Rare Diseases Research Consortium was launched in 2011 at the initiative of the European Commission and the US National Institutes of Health (NIH) to foster international collaboration in rare diseases research. However, rare diseases diagnosis and early detection are still a major challenge.
Fraud detection
Digital frauds, such as credit card and online transactions, are becoming costly for many business establishments and even countries. Every year billions of dollars ...