Descriptive Statistics: Measures of Central Tendency and Measures of Dispersion

You have a data-set containing 10K data points where each data point is the house-hold income of a given area for example. But what do you with this data. The most fundamental tools that help in making sense of huge data-sets are "measures of Central Tendency" and "measure of Dispersion". They are also known as …

Types of Data or Types of Random Variables

We had discussed about the Random Variables previously with the help of examples "heights of people" (Hperson) and "outcome of a dice-roll"(Odice-roll). In both the cases the kind of values each of the random variables could take were different.  The random variable Hperson can take any real-value between 0 feet and 15 feet while Odice-roll can only take one …

How to apply Mean and Standard Deviation?

What is Mean? Mean of any given distribution is a measure of central tendency of that distribution. Mean is also known as Arithmetic Mean or Average Value or Expected Value. For a data-set with discrete real values mean can simply be computed as sum of all the values in data-set divided by the number of …

Random Variables, Distribution function and Distribution Curve: A tutorial

What is  a random Variable? Random Variables are a means of assigning numbers to outcomes of random processes or experiments or activities. An example of random variable can be an "outcome of rolling a dice". Let us denote this random variable by symbol "Odice-roll ". The values this random variable can take can be any …

Hypothesis Testing with Controlled Experiments: Computing P-value using Z-statistic

Google the word “experiment”, the answer returned is, “a scientific procedure undertaken to make a discovery, test a hypothesis, or demonstrate a known fact” While “Experiment” is a broader term, a controlled experiment specifically is about testing impact of a single factor /variable while the other variables remain constant. Confused? Don’t worry, read ahead. I …

A Primer on Machine Learning : Unsupervised Learning, Supervised Learning – Regression and Classification

1. What is Machine Learning? Machine learning is the ability of a computer to derive rules and patterns from given set of data. To derive these insights statistical tools are deployed through machine learning algorithms. Machine Learning algorithms break down the data (aka training data) to formulate best-fit mathematical models. Machine Learning can be broadly …

Capacity Planning/ Modelling with example

Definition: Capacity Planning is a process of estimating resources required by an organization to meet  production demands over-time. Why should I perform Capacity Planning? Organizations usually face fluctuating production demands. Most of these fluctuations are seasonal and therefore can be anticipated and catered to with some amount of smart planning. Capacity Planning can help achieve …

Game of extremes

Is life a game of extremes? Too right? (or) Too left? Too religious? (or) Too atheistic? Many more such choices of ideologies that shape our lives. Each of us lie at some point on the spectrum, between the extremes, often tending towards one side or the other. How do I ensure a balance between these …

Dream, Desire, Act and Persist.

You have a dream! Everyone does! To realise any of your dreams it's required to have a desire strong enough that pushes you to act. The absence of a want is always filled with a justification. Overcome the explanations to take that first step. Be greeted by a barrage of setbacks, but persist. Keep inching …

Addictions keep you sane?

With enormity of universe and meaninglessness of life, I think only addictions can keep a person sane. To be mindful of the each passing moment requires strength to live with questions you might never know the answer to. To be mindful is to be aware that a moment of life is behind you and another …