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Welcome to Helpful Stats!

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Measuring the Spread of Data

We have already seen how it is easier to describe data using a single measure of central tendency, such as, average. Now, take a look at the following data: The average score for both students is equal. However, John is consistent at everything, while Arun is...

Spearman’s Rank Correlation between Rice and Rainfall

Spearman's Coefficient of Rank Correlation (denoted by rho) is named after the British psychologist, Charles Edward Spearman. Rank correlation is a non-parametric variant of Karl Pearson's Coefficient of Correlation. This means, while Pearson's r requires an...

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...

What-If Analysis Tools in Excel

What-If is a function built in to Microsoft Excel to compute answers to "what if" questions, exactly as the name suggests! A business would be faced many such "what if" questions - "What if we need to earn a profit of Rs. 10000, given that the profit per unit is Rs....

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...

The Basics

Statistics Stuff

Creating Models with Data