What are the most common types of problems or challenges that we can use machine learning to help solve?

The three most common are Classification, Regression and Clustering.

Classification are problems that have categorical solutions like “Yes” or “No”. It could be true false. The four main tools used in classification are Naive Bayes, Logistic Regression, Decision Trees and Random Forest. Note that the decision tree can be used to solve the classification and regression problem.

Regression is used for problems that involve predicting a continuous value. An example might be predicting product prices or housing prices.

Clustering is used when our data needs to be organized to find patterns. An example is a recommendation system where we aim to make suggestions to our customers based on what they have been interested in previously.