by TheBusinessProfessor | Feb 23, 2025 | Research, Quantitative Analysis, & Decision Science
What is Statistical Significance?Statistical significance refers to the probability that a relationship formed between at least two variables is because of something specific, and not by chance or a mere coincidence. Statistical hypothesis testing helps in knowing how...
by TheBusinessProfessor | Feb 23, 2025 | Research, Quantitative Analysis, & Decision Science
What is Predictive Modeling?Predictive modeling is a technique that uses a set of data to predict future outcomes. This includes using probability and data mining procedures in the forecast of outcomes. Predictive modeling as a data mining technique uses a statistical...
by TheBusinessProfessor | Feb 23, 2025 | Research, Quantitative Analysis, & Decision Science
What is Big Data?Big data is a term often used when there is an enormous data set that is beyond the scope of traditional mining techniques or human handlings. Also, big data describes the presence of a large volume of data (either structured data and unstructured...
by TheBusinessProfessor | Feb 23, 2025 | Research, Quantitative Analysis, & Decision Science
What is a Probability Distribution?A probability distribution is a mathematical and statistical theory that describes the likelihood of the occurrence of the possible values of a random variable. A probability distribution assigns or plots the possible values of a...
by TheBusinessProfessor | Feb 23, 2025 | Research, Quantitative Analysis, & Decision Science
What is Bifurcation?Bifurcation is a process of dividing something into two independent branches or separate units. This term can be used in relation to diverse concepts and disciplines. For instance, bifurcation can occur in the context of a family, finance,...
by TheBusinessProfessor | Feb 23, 2025 | Research, Quantitative Analysis, & Decision Science
What is a Histogram?A histogram refers to a process of arranging data points based on their specific ranges and user value. It is a visual or graphical representation of statistical data or information. A histogram is often used in statistics and mathematics, it is...
