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What is the difference between descriptive and inferential statistics?

10/13/2023 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS

Descriptive statistics and inferential statistics are two main branches of statistical analysis that focus on different aspects.

Descriptive statistics is concerned with describing and summarizing data. It includes the presentation and interpretation of data using metrics, graphs, and summaries in tabular form. Your goal is to identify patterns, trends, and characteristics of the data at hand. Descriptive statistics answer questions like "What happened?" or "What does the data look like?"

Inferential statistics, on the other hand, is concerned with making inferences about a population based on sample data. It enables statements to be made about the underlying population based on the available data. Inferential statistics uses methods such as hypothesis testing, confidence intervals, and estimation to make statistical inferences. Their goal is to go beyond the available data and make more general statements. Inferential statistics answer questions like "Is the observed difference between the groups statistically significant?" or "How well does the sample represent the population?"

In summary, descriptive statistics describe data and provide summaries, while inferential statistics draw conclusions about a population based on sample data. Both branches complement each other and are important for understanding and analyzing data.

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Buy press distribution list - How expensive is it?

10/13/2023 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS

The price of a press distribution list, can depend on several factors, including the number of contacts, the quality of the contacts, the regions where the contacts are covered, the type of media (online, print, broadcast, etc.), the frequency of updating the contacts, and the additional features or services associated with the press distribution list.

There are companies that offer press distribution software or services where prices can vary. Some offer monthly subscriptions, while others may require annual payments. Prices can vary widely depending on the scope of the service.

It is advisable to research different providers to get a better idea of pricing and features. Keep in mind that less expensive options may offer less extensive contacts or fewer features. It's important to consider your specific needs and budget before making a decision.

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How does one become a data analyst?

10/13/2023 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS

Becoming a data analyst requires a combination of education, skills, and practical experience. Here are the steps that can help you get started on the path to becoming a data analyst:

Education: Most data analysts have a bachelor's degree in a related field such as statistics, mathematics, computer science, economics, or engineering. A college degree provides the foundation for understanding data analysis principles.

Statistics and Mathematics: A solid understanding of statistics and mathematics is crucial to analyzing data and recognizing patterns. Knowledge of areas such as descriptive statistics, probability and inferential statistics is important.

Database skills: Data Analysts must be able to extract and manage data from various sources. This requires knowledge of databases and SQL (Structured Query Language).

Data visualization: The ability to visually represent data is crucial to presenting results in an understandable way. You can use tools like Excel, Tableau, Power BI or Python libraries like Matplotlib and Seaborn.

Programming skills: Although data analysts typically do less programming than data scientists, basic programming skills are helpful. Python and R are commonly used programming languages ​​in data analysis.

Hands-on Experience: Gain hands-on experience by working on projects, analyzing data, and creating reports. This can take the form of internships, student projects or personal projects.

Continuing Education: Data analysis is a constantly evolving field. Stay up to date on current trends, tools and techniques and continue your education.

Certifications: There are various data analytics certifications that can validate your skills and expertise, such as Certified Data Analyst (CDA) or Certified Analytics Professional (CAP).

Networking: Network with other data analysts, attend industry events, and participate in online communities to expand your knowledge and discover career opportunities.

Applications and Career Development: Create a compelling portfolio of your data analytics and skills to apply to potential employers. Plan your career goals and development to maximize your professional opportunities.

It's important to note that the path to becoming a data analyst can vary depending on individual interests and goals. Some data analysts have a stronger background in statistics, while others have more of a focus on programming. Practice and applying your analytical skills to real projects are critical to your success as a data analyst.

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What is the concept of multicollinearity and how can it be analyzed in regression?

10/13/2023 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS

Multicollinearity refers to a statistical phenomenon in linear regression in which two or more independent variables in the model are highly correlated with each other. This means that one independent variable can be predicted by a linear combination of the other independent variables in the model.

Multicollinearity can lead to several problems. First, it can complicate the interpretation of the regression coefficients because the effects of the collinear variables cannot be unambiguously assigned. Second, it can affect the stability and reliability of the regression coefficients. Small changes in the data can lead to large changes in the coefficients, which can affect the predictive power of the model. Third, multicollinearity can affect the statistical significance of the variables involved, which can lead to misleading results.

There are several methods for analyzing multicollinearity in regression. One common method is to calculate the variation inflation factor (VIF) for each independent variable in the model. The VIF measures how much the variance of a variable's regression coefficient is increased due to multicollinearity. A VIF value of 1 indicates no multicollinearity, while higher values indicate the presence of multicollinearity. A common threshold is a VIF value of 5 or 10, with values above this threshold indicating potential multicollinearity.

When multicollinearity is detected, several actions can be taken to address the problem. One option is to remove one of the collinear variables from the model. Another option is to combine or transform the collinear variables to create a new variable that contains the information from both variables. In addition, regualrized regression methods such as ridge regression or lasso regression can be used to reduce the effects of multicollinearity.

Identifying and addressing multicollinearity requires some understanding of the underlying data and context of the regression. It is important to carefully analyze why multicollinearity occurs and take appropriate action to improve the accuracy and interpretability of the regression model.

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PR and public relations: are they the same or different?

10/12/2023 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS

The terms public relations (PR) and public relations are often used synonymously and seem to mean the same thing at first glance. In fact, however, there are differences between the two concepts that are worth taking a closer look at. In this article, we will take a closer look at the two terms and show their differences and similarities.

What is PR?

Public relations, often abbreviated as PR, is a broader term that encompasses an organisation's strategic communication and interaction with its various audiences. PR aims to influence an organisation's image and reputation and to build and maintain positive relationships with stakeholders. PR tasks include media relations, crisis communication, media monitoring, relationship management and strategic communication planning.

What is public relations?

Public relations (PR) is a narrower term that focuses on the specific task of communicating information and news about an organisation or company to the public. EA includes activities such as issuing press releases, organising events, maintaining media contacts and shaping a positive perception of the company. While PR is more strategic and comprehensive, EEA focuses more on the implementation of communication activities.

Differences between PR and public relations:

Scope: PR is a more comprehensive approach that focuses on strategic planning, relationship management and long-term reputation. EEA is more focused on tactical implementation of communication activities.

Goals: PR has broader goals, such as building and maintaining relationships with various stakeholders, promoting a positive image and securing long-term reputation. Public relations, on the other hand, aims to get specific news and information out to the public.

Methods: PR is used to communicate news and information to the public.

Methods: PR uses a wide range of methods, including media relations, crisis communication, social media management and relationship management. EEA is more focused on concrete actions such as issuing press releases, organising events and communicating with media representatives.

Together, PR uses a wide range of methods, including crisis communication, social media management and relationship management.

Commonalities between PR and public relations:

Despite the differences, PR and public relations also have some commonalities:

Communication: Both disciplines are part of corporate communication and aim to get messages across to target groups:

Reputation: Both PR and public relations aim to influence and protect an organisation's reputation and image.

Media relations: Both use media relations as a tool to disseminate information and news.

Summary: PR and public relations

Overall, PR and public relations are closely related terms, but they have different focuses and objectives. PR is more strategic and comprehensive, while OA is more tactical and focused on the implementation of communication activities. Organisations can use both approaches to develop effective communication strategies that help communicate their goals and messages effectively to their target audiences.

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