Predictive analytics is the practice of using data mining and machine learning techniques to make predictions about future events. Predictive analytics can be used to predict things such as how likely a customer is to churn, or what the probability is that a particular disease will occur in a population.
Definition of Scatterplot Scatterplot: A scatterplot is a graphical representation of data in which the points are plotted on a coordinate plane. The data is usually displayed as a series of points, with each point representing a pair of values. The value on the x-axis is typically the independent variable, while the value on the…
Definition of Principal Component Analysis Principal component analysis (PCA) is a technique used to reduce the dimensionality of data. It does this by identifying the principal components of the data, which are the dimensions that account for the most variation in the data. PCA can be used to improve the performance of machine learning algorithms,…
A/B testing is a method of testing where two versions (A and B) of a web page or app are tested to determine which version produces better results.
Definition of Latent Class Analysis Latent Class Analysis: A technique used to identify unobserved (latent) classes within a population. How is a Latent Class Analysis used? Latent Class Analysis (LCA) is a statistical technique used to identify latent classes within data sets. These latent classes are clusters of data points with similar characteristics, which can…
A binomial distribution is a statistical distribution that gives the probability of a certain number of successes in a series of n independent Bernoulli trials.