Browsing Tag

# Statistics

## Excel – Descriptive Statistics

Today, we have data all around with millions of new data points being generated every second. Everyone, a company, an individual, is using data to derive inferences and insights that can be useful. Statistics are crucial for working on any

## Bayesian Inference in Python

Bayes Theorem Bayes Theorem uses prior knowledge or experience to provide better results. Mathematically speaking, it uses conditional probability of an eventBayes’ theorem is stated mathematically as the following equation: P(A/B) =…

## Should I Pursue an Actuarial Science Degree or Statistics Degree?

If you have recently completed your high school and pursuing Actuarial Science, then you can easily relate to the above question. The key skills required by both the courses are: Strong foundation in MathematicsLogical thinking and the

## Information Value (IV) and Weight of Evidence (WOE)

In this article, we will learn more about the Information Value (IV) and Weight Of Evidence (WOE). The logistic regression model is one of the most commonly used statistical techniques for solving binary classification problem. It is…

## Queueing Theory and Its Application

Introduction In this article, we will learn about Queueing Theory and its practical applications. We all have experienced the annoyance of having to wait in a queue. We wait in line at supermarkets to check out, we wait in line in banks and…

## Naive Bayes Algorithm In Python

In spite of the greatest advancement in machine learning in last few years, Naive Bayes classifier has proved out to be one of the most simple, accurate and reliable algorithms which are widely used in industrial applications. It works…

## Types of Sampling Techniques: Stratified Sampling

Population or Universe Before giving the notion of sampling and its various types like Stratified Sampling and its application, let us first define the population. A population is the full set of all the possible units of analysis. It is…

## T-Test Distribution and Its Application

In order to understand T-Test Distribution, Consider the situation, you want to compare the performance of two workers of your company by checking the average sales done by each of them, or to compare the performance of a worker by…

## Statistics for Data Science

Data can only be turned into information by statistics, but big data calls for the data science! Statistics and Probability are important parts of Data Science and you will have to be very efficient in it before you try your hands to…

## Central Tendency or Average

Central Tendency or Average. Last time I discussed about Data Types. Today I am going to discuss about “Central Tendency” or “Average”. The word "Average" denotes a 'representative' or 'typical value' of a whole set of observations. Average…