grizbayr (version 1.3.5)

estimate_value_remaining: Estimate Value Remaining

Description

Estimates value remaining or loss (in terms of percent lift, absolute, or relative).

Usage

estimate_value_remaining(
  input_df,
  distribution,
  priors = list(),
  wrt_option = NULL,
  metric = "lift",
  threshold = 0.95
)

Value

numeric value remaining at the specified threshold

Arguments

input_df

Dataframe containing option_name (str) and various other columns depending on the distribution type. See vignette for more details.

distribution

String of the distribution name

priors

Optional list of priors. Defaults will be use otherwise.

wrt_option

string the option loss is calculated with respect to (wrt). If NULL, the best option will be chosen.

metric

string the type of loss. absolute will be the difference, on the outcome scale. 0 when best = wrt_option lift will be the (best - wrt_option) / wrt_option, 0 when best = wrt_option relative_risk will be the ratio best/wrt_option, 1 when best = wrt_option

threshold

The confidence interval specifying what the "worst case scenario should be. Defaults to 95%. (optional)

Examples

input_df <- tibble::tibble(option_name = c("A", "B", "C"),
    sum_clicks = c(1000, 1000, 1000),
    sum_conversions = c(100, 120, 110))
estimate_value_remaining(input_df, distribution = "conversion_rate")
estimate_value_remaining(input_df,
    distribution = "conversion_rate",
    threshold = 0.99)
estimate_value_remaining(input_df,
    distribution = "conversion_rate",
    wrt_option = "A",
    metric = "absolute")