Understanding the fundamentals of statistics is a core capability for becoming a Data Scientist. Review these essential ideas that will be pervasive in your work and raise your expertise in the field.
Statistics is a form of mathematical analysis that uses quantified models and representations for a given set of experimental data or real-life studies. The main advantage of statistics is that information is presented in an easy way. Recently, I reviewed all the statistics materials and organized the 8 basic statistics concepts for becoming a data scientist!
- Understand the Type of Analytics
- Central Tendency
- Relationship Between Variables
- Probability Distribution
- Hypothesis Testing and Statistical Significance
Understand the Type of Analytics
Descriptive Analytics tells us what happened in the past and helps a business understand how it is performing by providing context to help stakeholders interpret information.
Diagnostic Analytics takes descriptive data a step further and helps you understand why something happened in the past.
Predictive Analytics predicts what is most likely to happen in the future and provides companies with actionable insights based on the information.
Prescriptive Analytics provides recommendations regarding actions that will take advantage of the predictions and guide the possible actions toward a solution.