Standard Deviation: The standard difference between each data point and the mean and the square root of variance. Variance: The average squared difference of the values from the mean to measure how spread out a set of data is relative to mean. Percentiles, Quartiles and Interquartile Range (IQR). Interquartile Range (IQR)- A measure of statistical dispersion and variability based on dividing a data set into quartiles.Quantiles- Values that divide the number of data points into four more or less equal parts, or quarters.Percentiles - A measure that indicates the value below which a given percentage of observations in a group of observations falls.Percentiles, Quartiles and Interquartile Range (IQR) Range: The difference between the highest and lowest value in the dataset. Kurtosis: A measure of whether the data are heavy-tailed or light-tailed relative to a normal distribution If the data have multiple values that occurred the most frequently, we have a multimodal distribution. Mode: The most frequent value in the dataset. Median: The middle value of an ordered dataset. P(A∩B)=0 and P(A∪B)=P(A)+P(B).īayes’ Theorem describes the probability of an event based on prior knowledge of conditions that might be related to the event. Mutually Exclusive Events: Two events are mutually exclusive if they cannot both occur at the same time. Independent Events: Two events are independent if the occurrence of one does not affect the probability of occurrence of the other. Probability is the measure of the likelihood that an event will occur in a Random Experiment.Ĭonditional Probability: P(A|B) is a measure of the probability of one event occurring with some relationship to one or more other events. Prescriptive Analytics provides recommendations regarding actions that will take advantage of the predictions and guide the possible actions toward a solution. Predictive Analytics predicts what is most likely to happen in the future and provides companies with actionable insights based on the information.
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