Definition of Probability Probability: Probability is a measure of how likely an event is to occur. It is calculated by dividing the number of times the event occurs by the total number of possible outcomes. It can be expressed as a number between 0 and 1, or as a percentage between 0% and 100%.
Definition of Predictive Modeling Predictive Modeling: Predictive modeling is a technique used in data science to make predictions about future events. It involves building a model that can predict the likelihood of an event occurring based on certain factors.
Definition of Prediction Prediction: A prediction is a statement made about the future, typically based on data and statistical models. In data science, this is often done through the use of machine learning algorithms that are trained on historical data.
Definition of Population Population: A population is the complete set of all individuals or items under consideration. In statistics, a population is often described by its parameters, such as its mean and standard deviation. The population can also simply be defined as the entire set of items or cases to be studied.
Definition of Parametric Parametric: Parametric models are a type of statistical model that rely on mathematical formulas to describe the relationship between the input and output variables. These models can be used to predict future values for the output variable based on past values of the input variable.