Bite Sized Learning - Statistics P1

 Essential Statistics for Data Science

  • The goal of inferential statistics is to use the sample to learn about the population
  • The steps involved here are
    • Sampling
    • Hypothesis Testing
    • Inference
  • Sample typically is selected in a manner that allows it to be an unbiased representation of the entire population
  • Sampling the entire population is nearly impossible and Central Limit Theorem helps solve this problem
  • Some of the business cases are
  • Estimate the effectiveness of a medicine or vaccine
  • Estimate the expected consumers for a new product/service

Comments

Post a Comment

Popular posts from this blog

Unlocking the True Cost of Generative AI

  Unlocking the True Cost of Generative AI As organizations increasingly integrate generative AI into their operations, understanding the associated costs is crucial for effective budgeting and resource allocation. Here's a comprehensive breakdown of the various cost types involved in building and maintaining AI systems: GenAI Tools & Platform Access Costs Prompt Engineering Costs Inference Costs Fine-Tuning Costs Infrastructure Costs Data Management Costs Operational Costs AI Regulations Compliance Costs Talent Costs Change Management Costs By strategically managing these cost types, you can maximize the investment in generative AI and drive innovation forward. What are your thoughts on these cost factors? How are you addressing them?
Read more