What is Survival Analysis?
Survival analysis is a set of statistical methods for time-dependent outcomes. It is typically used when a research question centers around whether or when an event occurs, such as when does a customer attrite?
Life Table and Empirical Hazard
The life table looks at a lifetime implication of customers whose risk of attriting is depended on tenure and the hazard provides a graphical representation.
Flexible Hazard Modeling Methodology
The hazard model based on logistic regression was built using discrete time survival data and the model possess a simple parametric form.
How the Model was Used
The model was scored which provides predictive scores of a customer attriting. The mean residual life was calculated which provides an estimate of the mean remaining lifetime of a customer.
Competing Risk such as mutually exclusive reasons for attriting, time-independent variables such as attrition risk, and incorporating seasonality into the model should be considered for the future. Vist http://www.saraconsultingllc.com to learn more about the presenter.