Artificial Intelligence Explained In Simple Words | What Is AI? | Explained On A Real World Example!

Key Takeaways

let's say you want to approximate the price of a house in a particular area using AI human experts working in an arbitrary brokerage company would do that in a matter of seconds how due to their huge experience by doing a comparative analysis they assess the prices of similar houses recently sold in the area that help to estimate the potential market value of a new house however there have to be some characteristics to compare with each other for example the size of the house in square meters the location the number of bedrooms and the style here is where statistics come into play the more examples are taken into account meaning the more experienced broker deals with the work the more accurate would be the approximation hello AI house price prediction would have similar logic AI models are algorithmic or mathematical programs that analyze data sets to find patterns and make predictions based on the acquired knowledge let's dive deeper into the example using AI terminology the characteristics are the inputs the price is the output of the model the data set contains diverse pairs of characteristics and their corresponding prices from which an AI model should extract knowledge the knowledge is the parameters of the model that are learned or in other words optimized during the training process in simple words it represents a set of rules that decide how each feature of the house affects the price for example the knowledge would potentially contain information information about increasing the house price when the size grows say the price increases by $1,000 for each one square unit increase this is just a beginner introduction to AI with abstract details subscribe to our channel to learn more about Ai and how each component plays its beautiful role in the overall chain