Road Map for Choosing Between Statistical Modeling and Machine Learning

When we raise money it's AI, when we hire it's machine learning, and when we do the work it's logistic regression. Machine learning (ML) may be distinguished from statistical models (SM) using any of three considerations: Uncertainty: SMs explicitly take uncertainty into account by specifying a probabilistic model for the data. Structural: SMs typically start by assuming additivity of predictor effects when specifying the model. Empirical: ML is more empirical including allowance for high-order interactions that are not pre-specified, whereas SMs have identified parameters of special interest. There is a growing number of hybrid methods combining characteristics of traditional SMs and ML, especially in the Bayesian world.