Waterfall chart: A waterfall chart is a type of data visualization that shows how a starting value (in the y-axis) changes over time (in the x-axis) through a series of intermediary values. It’s often used to illustrate how different factors contribute to a final outcome.
A categorical variable is a data type that represents qualitative information. For example, colors (red, blue, green), genders (male, female), and religions (Catholic, Protestant, Muslim) are all categorical…
Definition of Inferential Statistics Inferential Statistics: Inferential statistics are a type of statistics that are used to make estimations about populations based on samples. This is done by using the data from the sample to calculate a statistic, which is then used to make an inference about the population. What are Inferential Statistics used for?…
Definition of Time-Series Time-Series: A time-series is a sequence of data points, usually measured at successive points in time. Time-series analysis is the process of examining these data points in order to identify and understand trends and patterns. Time-series data can be used to predict future events, track performance over time, or measure the impact…
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,…
Definition of Normal Distribution A normal distribution is a type of bell-shaped distribution in which the majority of the data falls around the mean. This distribution is often used in statistics to model real-world data.