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What is a parameter?

12/06/2022 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS
A parameter is a value or argument passed to a function, algorithm, or programming language to achieve a specific behavior or result. Parameters help increase the flexibility of the function, algorithm, or programming language by allowing the same program to be executed with different input values to achieve different results.
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What is a random variable?

12/06/2022 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS
A random variable is a variable whose value is random for an outcome from an experiment or other process. Random variables can take on discrete, continuous, or combined values. Examples of random variables are the number of copies of a certain book that a publisher sells, the number of students who receive a certain course grade, or the number of goals that a certain soccer team scores during a season.
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What is a correlation?

12/06/2022 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS
A correlation is a mathematical relationship between two variables that reflects the changes between the variables. A correlation can be positive or negative. A positive correlation means that when one variable increases, the other variable also increases and vice versa. A negative correlation means that when one variable increases, the other variable decreases and vice versa.
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What is a significant correlation?

12/06/2022 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS
A significant relationship is a statistically measurable relationship between two or more variables, the result of which is statistically significant. This means that the relationship between the variables is more than just coincidental and that it really exists. A significant relationship means that a change in one variable is associated with a change in the other variable.
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What is a trend?

12/06/2022 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS
A trend is a general direction or development that is developing in a particular area or industry. Trends can relate to many areas, including fashion, technology, business, culture, media and more. Trends can develop over a period of time or come and go quickly.
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