12/06/2022 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS
A parametric test is a test used to test a hypothesis about a particular parameter structure. It examines the statistical properties of a set of variables to determine whether they fit a particular model. Parametric tests typically use parameters calculated from the distribution of theoretical parameters to confirm or reject a hypothesis. These tests are often used in statistics to test hypotheses about populations or treatment effects.
12/06/2022 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS
A nonparametric test is a statistical test that does not require any assumptions about the distribution of the data. They are particularly useful when you have data that is not normally distributed or when you do not have information about the distribution available. Nonparametric tests tend to be less powerful than parametric tests, but in many cases they can be used to test the same hypotheses.
12/06/2022 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS
A normal distribution is a continuous probability distribution that can be described as a symmetrical "bell"-shaped curve pattern. It is also referred to as the Gaussian normal distribution or Gaussian distribution. It is the most commonly used distribution in statistics. In a normal distribution, the values are arranged so that the average values are in the middle and the extreme values are at the edge.
12/06/2022 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS
Regression analysis is a mathematical technique used to predict future outcomes and determine the relationships between different variables. It can be used to predict the effect of a particular influencing factor on another variable or to determine which variables contribute most strongly to a particular metric. Applications of regression analysis include predicting sales volumes, determining prices, and determining credit risk.
12/05/2022 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS
1. Understand your target customers: To develop a successful sales strategy, you must first understand your target audience. Get an overview of what needs your target group has and what your products or services can solve for them.
2. Define your sales goals: Before you start developing your sales strategy, you need to have a clear understanding of what you want to achieve. Goals can be sales figures, market share, or number of new customers. They will help you map out your strategy and take action to help you achieve those goals.
3. Develop a sales plan: After you have clearly defined your goals, it's time to develop a sales plan. This plan will include all the steps you need to take to achieve your goals. Remember that your plan should be specific and include specific actions and activities.
4. Measure your success: Once set up, you need to execute your sales plan and measure the results of your efforts. Measure your success using metrics such as revenue, new customer acquisition, and customer retention. This way you can see if your strategy is having the desired success and where improvements need to be made.