Machine Learning Driven Decision Making in the Modern Data Era

Abstract

The era of modern data has seen an unprecedented increase in the number of data generated, which generates an opportunity as well as a challenge to the decision making. Machine learning (ML) has become the significant solution to work with big and multifaceted data, recognize trends, and provide foresight and change the usual decision-making processes. This review examines the principles, methods and uses of ML-based decision systems in various industries, such as healthcare, finance, retail, transportation and education. It also analyses problems of data quality, bias, transparency, ethical considerations and developments related to explainable and trustworthy AI. Lastly, future trends, human-machine cooperation, and research perspectives are addressed, with a focus on the possibility of the ML to accelerate, more precise and answerable decisions in the world that runs on data.

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