Statistical Model
A statistical model is a mathematical representation of a real-world phenomenon, process, or system. It is used to describe the relationship between different variables and to make predictions or inferences about the data. Statistical models are built using statistical methods and techniques, such as regression analysis, hypothesis testing, and probability theory. They can be used to analyze and interpret data, to identify patterns and trends, and to make predictions about future events or outcomes. Statistical models can be simple or complex, depending on the nature of the data and the research question. They are widely used in various fields, including economics, finance, social sciences, engineering, and healthcare.
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