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Using Central Tendency Measures to Describe Data

The term central tendency refers to some values that tend to describe the centre of the complete data set. There are different measures of central tendency. Each of them give us one single number that attempts to summarise the entire data set within itself. Why do we...

Building Nonlinear Regression Models

We have talked about regression models in the context of linear regression models in the previous post. A nonlinear regression model is one that describes a nonlinear relationship between the dependent and the independent variables. Naturally, the equation of the...

Building Linear Regression Models

What is regression? In the dictionary, the word regression basically means 'to go back'. In terms of statistics too, the meaning is not too different - it means 'to go back to the past data to explain the process that generates the data'. In statistics, a model is a...

When Things are Correlated, Do they Cause Each Other?

We've talked about how popular the concept of correlation is in business analytics. Causation, and its variants are also used rather commonly. This makes it easy to mistakenly connect the two popular terms and even use them interchangeably. The Latin phrase, cum hoc...

The Assumptions in Linear Correlations

Given how simple Karl Pearson's Coefficient of Correlation is, the assumptions behind it are often forgotten. It is important to ensure that the assumptions hold true for your data, else the Pearson's Coefficient may be inappropriate. The assumptions and requirements...

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