Learn what statistical analytics is and how it can be used to collect, analyze, and interpret data. This blog covers statistical analysis types, methods, and more.
What is Regression?: Regression is a statistical technique used to analyze the data by maintaining a relation between the dependent and independent variables.
The absolute predictive performance of ML models is usually better than for statistical models (although, they often don’t have the same level of interpretability as statistical models) Two articles related to the topic I would recommend are: Breiman, L. (2001).Statistical modeling: The two cul...
The average height of a man in the world is 5’10”[2]. This is a statistic because it describes a population, in this case the population of men in the world. In real life, we never survey everyone — asking all 3+ billion men in the world isn’t possible, so when you read a...
Statistical analysis is the collection and interpretation of data in order to uncover patterns and trends. It is a component ofdata analytics. Statistical analysis can be used in situations like gathering research interpretations, statistical modeling or designing surveys and studies. It can also be ...
the model adjusts its parameters to minimize errors and improve its performance. Once trained, the model can be used to make predictions or generate outputs on new, unseen data. The effectiveness of NLP modeling is continually refined through evaluation, validation and fine-tuning to enhance accura...
Model drift.Another common challenge with predictive modeling is model drift. Model drift refers to a model’s tendency to lose its predictive ability over time. Statistical shifts in the data usually cause this. If left undetected, it can negatively impact businesses by producing inaccurate predicti...
For example, sometimes you can solve non-normality of the residuals by adding a missed covariate or interaction term. So the first step in solving problems withotherassumptions is usuallynotto jump totransformationsor some other complicated modeling, but to reassess the predictors you’ve put into...
What is Topic Modeling? Topic modeling is a frequently used approach to discover hidden semantic patterns portrayed by a text corpus and automatically identify topics that exist inside it. Namely, it’s a type of statistical modeling that leveragesunsupervised machine learningto analyze and identify ...
Predictive modeling is a statistical technique used to predict the outcome of future events based on historical data."