The lack of communication between statisticians and the managers is the major roadblock for using statistics. Below are some statistical terminology to ease a precise communication Population: A population is any entire collection of people, animals, plants or things on which…
We can break up any statistical problem into three steps: Data collection and Sampling. Data analysis. Decision making. It is well understood that step 1 typically requires some thought of steps 2 and 3. It is only when you have…
Read More Relevance of decision-based thinking in statistical analysis
One of the important aspect of data analytics is the relationship between models and data. Thinking of data as inputs to models, which generate outputs (predictions, trends etc.). Most of the articles in the data science community revolves around models, or algorithms that implement…
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