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Correlation and Collinearity explained in layman terms

TheDataMonk Grand Master Machine Learning , Statistics , Uncategorized 1 Comment 2386 views

Correlation tells you have two numerical variables relate to each other. It will tell you whether data points that have a higher than average value for one variable will also likely have a higher than average value for ...

What is the difference between forecasting and prediction?

TheDataMonk Grand Master Machine Learning , Statistics , Uncategorized 3 Comments 1999 views

Forecasting and Prediction are two different things. You always forecast weather, but never predict the weather. Forecasting is nothing but a extrapolation of the past. You have some historic data, and you ...

Explain p-value in simple terms

TheDataMonk Grand Master Machine Learning , Statistics , Uncategorized 5 Comments 3217 views

p-value in simple termsIf you are into Data Science, then you must have heard about p-value.I could have started it with a very superficial definition strolling around probability and significance and null hypothesis, etc. But that's already there ...

Confusion Matrix in Data Science, meaning and example

TheDataMonk Grand Master Machine Learning , Statistics , Uncategorized 9 Comments 2561 views

What is Confusion Matrix?Confusion Matrix is a performance measuring technique for ML Classification model.Why do we need Confusion Matrix? Is measuring accuracy not enough?Confusion Matrix suggests the actual accuracy of your model. For example. Suppose I want to ...

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Correlation and Collinearity explained in layman terms

What is the difference between forecasting and prediction?

Explain p-value in simple terms

Confusion Matrix in Data Science, meaning and example

Statistics Interview Questions

50 Statistics Questions

Common Statistical Tests

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