Statistical Tools
Statistical tools refer to a set of techniques and methods used to analyze and interpret data in order to make informed decisions. These tools are used to identify patterns, relationships, and trends in data, and to draw conclusions based on statistical inference. Statistical tools include descriptive statistics, which are used to summarize and describe data, and inferential statistics, which are used to make predictions and test hypotheses. Other statistical tools include regression analysis, hypothesis testing, analysis of variance (ANOVA), and time series analysis. These tools are used in a variety of fields, including business, healthcare, social sciences, and engineering, to name a few. In data science, statistical tools are used to analyze and interpret large datasets, and to develop predictive models that can be used to make informed decisions.
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- Numeric: Numeric refers to the data type that represents numbers. In data science, numeric data is used to perform mathematical operations and statistical analysis. Numeric data can be further classified into two types: discrete and continuous. Disc ... Read More >>
- Electronic Payments: Electronic payments refer to the transfer of money from one bank account to another through electronic means, such as the internet, mobile devices, or other digital channels. This process involves the use of various technologies and protoco ... Read More >>
- Response Variable: In statistics and data science, a response variable is the variable that is being studied and measured in an experiment or observational study. It is the outcome or dependent variable that is affected by one or more independent variables. T ... Read More >>
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