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Step 1: Data Collection and Preparation The first step in EDA is to collect the data and prepare it for analysis. This involves cleaning and transforming the data into a format that can be analyzed. Some common datapreparation tasks include removing missing values, checking for outliers, and normalizing the data.
Key Objectives of Statistical Modeling Prediction : One of the primary goals of Statistical Modeling is to predict future outcomes based on historical data. HypothesisTesting : Statistical Models help test hypotheses by analysing relationships between variables. Datapreparation also involves feature engineering.
Augmented Analytics Combining Artificial Intelligence with traditional analytics allows businesses to gain insights more quickly by automating datapreparation processes. Mastery of these tools allows Data Scientists to efficiently process large datasets and develop robust models.
Concepts such as probability distributions, hypothesistesting , and Bayesian inference enable ML engineers to interpret results, quantify uncertainty, and improve model predictions. Data Transformation Transforming dataprepares it for Machine Learning models.
Verify that the data is accurate, complete, and up-to-date. High-quality data is the foundation of reliable analysis. Data Cleaning and Preparation Handling missing values is a common task in datapreparation. Data Analysis Applying statistical methods is at the heart of Data Analysis.
In Inferential Statistics, you can learn P-Value , T-Value , HypothesisTesting , and A/B Testing , which will help you to understand your data in the form of mathematics. In Descriptive Statistics, you need to focus on topics like Mean , Median , Mode, and Standard Deviation.
The objective of an ML Platform is to automate repetitive tasks and streamline the processes starting from datapreparation to model deployment and monitoring. are captured and compared by formulating a hypothesistest to conclude with statistical significance. How to set up an ML Platform in eCommerce?
Statistical analysis and hypothesistesting Statistical methods provide powerful tools for understanding data. An Applied Data Scientist must have a solid understanding of statistics to interpret data correctly.
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