Data Story · Statistics

Outliers, are they totally BAD?

I’ve always considered myself different from every other person and I’m sure there are others who will also claim to be different. Talk and claims are cheap but the evidence is key. The question that usually comes up is, “what makes you different” and if you can show or give concrete reasons why your claim is true, then and only then can you be seen as being different. Continue reading “Outliers, are they totally BAD?”

Data Story

ART OF STATISTICAL THINKING

Thinking statistics involves the whole ART of learning from data. Data is a collection of facts – distinct pieces of information (numbers, words etc) with context. Statistical thinking just like every other thing starts with a problem, it’s important to rather say a clearly defined and practical real life problem. download (4)Next, you plan, plan again and after that plan some more – I can’t stress this enough. You can save yourself time, sweat and tears by just planning. Questions to ask: what kind of data is available?, how do I get this data? What methods are appropriate for solving this problem? (start with the simpler ones). Then, go ahead and solve the problem, start with cleaning up your data (I will soon write up a post about this),  explore your data – do plots, graphs, summaries etc (a picture is worth a thousand words), apply appropriate statistical technique/s to answer your question. Finally, interpret and give your practical conclusion in the setting of the real-world problem. When presenting results to a “non-quant” audience try as much as possible to avoid technical jargon. In summary: Continue reading “ART OF STATISTICAL THINKING”

Data Story

DATA, STATISTICS AND EVERYDAY LIFE II

PART TWO:

The amount of data in the world and in our lives seems ever-increasing especially with the presence of computers. Lying hidden in all this data is potentially useful information that is scarcely taken advantage of.

You ask, ‘what do I do with this data’, I’m glad you asked…

Statistics is the science of learning from all these data and making decisions based on information collected from the data. Continue reading “DATA, STATISTICS AND EVERYDAY LIFE II”