Survival Modelling is a family of techniques which are used when time to even becomes important.
Survival Models can be used for predicting time of an event ( when customer will take up a product), estimating duration until next event occurs (customer visit to a retail store).
Some of the applications of Survival Modeling across industry verticals.
Some of the concepts related to Survival Modeling are
Survival Function: Probability of surviving until time *t* is called survival function. It is normally represented as S(t).
Hazard Rate: Event rate for time *t* given survival until *t*. This is also called Hazard or failure rate.
Censoring: When event information for the cases under analysis/investigation is missing, it is called censoring.
Hazard Rate: Event rate for time *t* given survival until *t*. This is also called Hazard or failure rate.
Censoring: When event information for the cases under analysis/investigation is missing, it is called censoring.
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