As per Gartner’s report, it is predicted that by 2024, 60% of the data used for AI and analytics projects will be artificially generated. This statistic highlights the fact that synthetic data is becoming an increasingly popular trend. This concept has been gaining traction in recent years due to the increasing demand for data-driven decision […]
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Statistics play an important role in our lives, even if we may not always realize it. Whether it\’s making informed decisions, conducting research, or running a successful business, the importance of statistics cannot be understated. In this blog post, we will explore why statistics are important and how they impact various aspects of our daily
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When you spend enough time working with datasets, you\’ll eventually find yourself dealing with statistics. If you were to ask an average person what statistics entail, they\’d likely mention terms like \”numbers,\” \”figures,\” and \”research\” in their quest to explain the term. Statistics is a science or branch of mathematics that deals with the collection,
Descriptive Statistics | Definitions, Types, Examples, Importance Read More »
Think of inferential statistics as your tool to make sense of the bigger picture. It\’s like using a small, representative group to make accurate predictions or generalizations about the entire population. This knowledge is invaluable in guiding the vast amounts of information available to us today. So, whether you\’re a student or a professional, understanding
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One key component in determining statistical significance is the alpha significance level. In this article, we will explain what the alpha significance level means and explore its significance in hypothesis testing. What Is the Alpha Significance Level? The alpha significance level, often referred to simply as alpha or α, is a critical value that researchers
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The Framing Effect is a mental shortcut affecting how we select options. It alters our choices depending on how details are shown (framed). It can sway our decisions and is commonly used in sales and ads. Suppose you have a fresh product to sell. You might present it as an \”elite item\”, highlighting its hefty
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The Range Rule of Thumb is a simple and quick method to estimate the variability of a dataset. The rule states that the range of a dataset is approximately four times the standard deviation. The Range Rule of Thumb is useful in a situation where a quick estimate of the variability of a dataset is
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Scales of measurement are an essential aspect of statistics that are used to determine the type of data collected. The four levels of measurement include nominal, ordinal, interval, and ratio. Each scale of measurement has unique characteristics that determine the type of statistical analysis that can be performed on the data. Defining Measurement Measurement is
Scales of Measurement in Statistics: Nominal, Ordinal, Interval and Ratio Read More »
If you work with data, you might have heard about \”Root Mean Square Error\” or RMSE. It\’s a way to check how good a model\’s predictions are. Let\’s explore what RMSE is, how to calculate it, and why it matters. What is Root Mean Square Error (RMSE)? Root Mean Square Error (RMSE) measures the difference
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In statistical analysis and data interpretation, an outlier can pose different problems as it can heavily influence measures of central tendency, such as the mean. However, like the traditional mean, the trimmed mean tends to solve the issues of outliers in our dataset. Therefore, on this page, we will take out time to learn and
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