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Correlation and Collinearity explained in layman terms

TheDataMonk Grand Master March 19, 2020 Machine Learning , Statistics , Uncategorized 1 Comment 2343 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 February 17, 2020 Machine Learning , Statistics , Uncategorized 3 Comments 1957 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 February 16, 2020 Machine Learning , Statistics , Uncategorized 5 Comments 3160 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 February 13, 2020 Machine Learning , Statistics , Uncategorized 9 Comments 2540 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

Statistics Interview Questions

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