12/06/2022 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS
Contingency tests are statistical tests used to measure the probability of an observed relationship between two or more variables. They are used to determine whether an observation is statistically significant, i.e., whether the observation is due to chance or whether there is a specific relationship between the variables. For example, contingency tests can be used to examine the relationship between a patient's sex and the result of a laboratory test.
12/06/2022 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS
An iteration is a process of repetition used to solve a problem or perform a specific task. In programming, an iteration is used to execute a certain set of instructions several times. It is a basic technique used in many programming languages.
12/06/2022 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS
Exploratory factor analysis is a statistical technique that identifies behavioral relationships and dependencies among variables in a data set. It is often used to understand the structure of complex data. It allows the user to group variables that produce similar results to make them easier to analyze. It can also be used to understand the concept of reduction of variables, reducing the number of variables that must be considered in the analysis.
12/06/2022 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS
Monte Carlo simulations are mathematical techniques that make it possible to simulate complexity and uncertainty in models to obtain unexpected results. They are commonly used in financial models to predict the impact of risk and uncertainty on the outcome of an investment. They use a combination of multiple random variables to produce a range of outcomes that can then be analyzed to make the best possible decision.
12/06/2022 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS
Bootstrapping is a process that allows a company to start and operate a business with a limited amount of funding and resources. It is a way to build and operate a business without the need for outside investors or loans. Instead, savings, personal investment, and sales are used to fund the business.