Cox Proportional Hazards regression model
Survival analysis, also called TTE analysis, as we discussed in Chapter 13, Time-to-Event Variables, is an analytical approach that uses probability to estimate the time remaining before an event occurs based on previous observations. We have seen how this can be helpful when including appropriate covariates in applications such as estimating life expectancy, mechanical failure, and customer churn, which can help with prioritizing needs and to more efficiently allocate resources. As we discussed in depth in Chapter 13, censoring is an aspect making survival analysis unique from other statistical questions that can be solved using techniques such as regression. Consequently—and because dropping an observation due to censoring will almost certainly mislead our model and provide results we cannot trust—we insert what is known as an event status indicator to help account for whether an event will occur or fail to occur prior to estimating...
