Spearman’s Rank Correlation Coefficient: Spearman’s Rank Correlation Coefficient is a measure of the strength of a linear relationship between two sets of data. It is calculated by taking the sum of the products of the ranks of corresponding values in each data set, divided by the product of the two set’s standard deviations.
Definition of Latent Variable Latent Variable: Latent Variable: In statistics, a latent variable is a hypothetical construct that explains the observed variability in a set of measured variables. Latent variables are unobservable or hidden variables that cannot be directly measured, but rather must be inferred from other observed variables. How is a Latent Variable used?…
Definition of Window Function Window Function: A window function is a set of mathematical functions that are applied to a group of neighboring data points in a dataset. They are used to calculate important statistics such as the average, median, and standard deviation of a set of data points.
Definition of Insights Insights: Insights are the findings or conclusions that are drawn from data. Insights can be used to make better business decisions, understand customer behavior, and track progress on strategic initiatives. What are the types of Insights a business or organization would hope to gain from analyzing data? Data-driven insights can be used…