12/06/2022 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS
Markov chains are a mathematical approach used to model random behavior. They are often used to simulate random processes based not only on the current situation, but also on previous events. They use probability distributions to predict how likely certain events are. This technique is commonly used in fields such as natural sciences, finance, artificial intelligence and data analysis.
12/06/2022 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS
Autocorrelation analysis is a statistical technique used to examine dependencies in a data set. It measures the similarity of a variable to itself at different points in time. It can be used to examine the stationary and trend properties of a series and determine if it is self-correlated. Autocorrelation analysis is often used to predict future values of a behavior or event.
12/06/2022 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS
Representativeness refers to the ability of a sample to represent a larger population. A representative sample is a group of individuals that reflects a larger group as closely as possible. This sample is composed so that it has the same distribution of characteristics as the group to which it refers. Representativeness is an essential element of research because a representative sample can provide detailed insight into the group.
12/06/2022 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS
A random sample is a selection method in which a group of elements from a given population is selected based on randomness. Each element in the population has an equal probability of being included in the sample, and each element that is selected is considered part of the sample. This method is often used in research and statistical analysis to obtain a representative group that may not be obtained by other selection methods.
12/06/2022 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS
A regression equation is a mathematical equation used to determine a measure of the relationship between two or more variables. It is usually used to describe a linear relationship between variables in order to make predictions about the relationship between them.