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Essential Statistics for Non-STEM Data Analysts

Essential Statistics for Non-STEM Data Analysts

By : Li
4.6 (10)
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Essential Statistics for Non-STEM Data Analysts

Essential Statistics for Non-STEM Data Analysts

4.6 (10)
By: Li

Overview of this book

Statistics remain the backbone of modern analysis tasks, helping you to interpret the results produced by data science pipelines. This book is a detailed guide covering the math and various statistical methods required for undertaking data science tasks. The book starts by showing you how to preprocess data and inspect distributions and correlations from a statistical perspective. You’ll then get to grips with the fundamentals of statistical analysis and apply its concepts to real-world datasets. As you advance, you’ll find out how statistical concepts emerge from different stages of data science pipelines, understand the summary of datasets in the language of statistics, and use it to build a solid foundation for robust data products such as explanatory models and predictive models. Once you’ve uncovered the working mechanism of data science algorithms, you’ll cover essential concepts for efficient data collection, cleaning, mining, visualization, and analysis. Finally, you’ll implement statistical methods in key machine learning tasks such as classification, regression, tree-based methods, and ensemble learning. By the end of this Essential Statistics for Non-STEM Data Analysts book, you’ll have learned how to build and present a self-contained, statistics-backed data product to meet your business goals.
Table of Contents (19 chapters)
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1
Section 1: Getting Started with Statistics for Data Science
5
Section 2: Essentials of Statistical Analysis
10
Section 3: Statistics for Machine Learning
15
Section 4: Appendix

Chapter 6: Parametric Estimation

One big challenge when working with probability distributions is identifying the parameters in the distributions. For example, the exponential distribution has a parameter λ, and you can estimate it to get an idea of the mean and the variance of the distribution.

Parametric estimation is the process of estimating the underlying parameters that govern the distribution of a dataset. Parameters are not limited to those that define the shape of the distribution, but also the locations. For example, if you know that a dataset comes from a uniform distribution but you don't know the lower bound, a, and upper bound, b, of the distribution, you can also estimate the values of a and b as they are also considered legitimate parameters.

Parametric estimation is important because it gives you a good idea of the dataset with a handful of parameters, for example, the distributions and associated descriptive statistics. Although real-life examples...

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