Statistics in Data Science
What is Statistics? - Study of the collection, analysis, interpretation, presentation and organization of Data - Problem Statement -> Data Analysis -> Informed Business Decisions (Problems Solved) - Mean, Median, Mode etc. are Statistical formulas - Statistical Principles: Data should be normally distributed Linear Regression: Relation between variables should be linear - Categories of Statistics - Descriptive Analytics - used when we have full data for given population - Inferential Analytics - used when there is incomplete data for given population (eg. exit polls) - used when it is not feasible to examine every member/analyze entire population data - we study a random sample and describe/make inferences about population - Statistical Analysis Considerations -purpose is clear and well-defined -document questions in advance -define population of interest (based on purpose) -determine sample (based on purpose of study) -...