A normal distribution is a type of probability distribution that is symmetrical around the mean, with a bell-shaped curve. Normal distributions are important in statistics and are often used to model data. Many real-world phenomena, such as IQ scores, height, weight, and blood pressure, follow a normal distribution. What is normal distributions with examples? A … Read more
Intelligence, also known as “intel,” refers to the process of gathering and analyzing data in order to make informed decisions. This can be done either manually or through the use of automated systems. Intelligence gathering can be used for a variety of purposes, such as understanding the competition, developing marketing strategies, or detecting and preventing … Read more
Pseudoscience is a term used to describe a claim, belief, or practice that masquerades as science in an attempt to gain legitimacy, but which fails to meet the rigorous standards of the scientific method. Pseudoscience is often characterized by the use of dubious scientific concepts, the over-reliance on confirmation bias, and a lack of transparency. … Read more
A data science platform is a software application or set of tools that enables data scientists to develop, test, and deploy data-driven solutions. It includes a variety of tools and technologies for data collection, warehousing, analysis, and visualization. A data science platform may also provide access to cloud-based resources for data processing and storage. Which … Read more
A Likert scale is a type of rating scale that allows respondents to indicate their level of agreement or disagreement with a statement. The scale is named after its inventor, psychologist Rensis Likert, who developed it in 1932. Likert scales are commonly used in market research and opinion polls, as they allow for more nuanced … Read more
The serial position effect is a phenomenon that occurs when people are asked to recall a list of items. The items at the beginning of the list (the “primacy effect”) are typically recalled better than items in the middle of the list (the “recency effect”). The serial position effect is thought to be due to … Read more
When you hear the term “rabbit hole,” it’s likely in the context of someone getting lost in a task or line of thought and spending too much time on it. The term likely comes from the 1865 novel Alice’s Adventures in Wonderland, in which Alice follows a white rabbit down a hole, and find herself … Read more
Anchoring effect refers to the tendency for people to rely too heavily on the first piece of information they receive (the “anchor”) when making subsequent judgments. For example, if people are asked to estimate the percentage of African countries that are members of the United Nations, and are first given the anchor “10%,” they will … Read more
Over sampling and under sampling are two common methods used to deal with imbalanced data sets, where one class is much more represented than the other. Over sampling involves duplicating minority class examples until the class is balanced, while under sampling involves removing majority class examples until the class is balanced. Both methods have advantages … Read more
Econometrics is the application of statistical methods to economic data in order to give empirical content to economic relationships. Econometrics is used in a variety of areas, such as in the testing and estimation of economic models, in the analysis of economic data, and in forecasting. Is econometrics the same as economics? No, econometrics is … Read more
