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,...
Previously, we have seen situations where an outcome (the dependent variable) is based on a single input variable (independent variable). Sadly, real life is rarely as simple. Most outcomes in real situations are affected by multiple input variables. To...
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’....
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...
| "Sexiest job of the 21st century" You’ve heard it before – the Harvard Business Review called the statistician’s job the “sexiest job of the 21st century”. Various other gurus have called data, “the new oil”, alluding...