A comprehensive survey on rare event prediction

Rare events are infrequent incidents characterized by scarcity, often presenting computational challenges in data analysis. These events don't happen often, as the name suggests, but they significantly impact when they do. For example, in pulp-and-paper manufacturing, paper breakage that occurs 1%, can cost $10,000/hour. Predicting such elusive occurrences is important in cost management, operational efficiency, and energy conservation. In fact, these rare events are hidden pieces that, when discovered and understood, can lead to better decision-making and more efficient models.