Statistical tests are used to test hypotheses relating to either the difference between two or more samples/groups, or the relationship between two or more variables. What is a statistical test? Statistical tests assume a null hypothesis. Depending on what you…
What is multicollinearity? Multicollinearity is a statistical situation that occurs in a regression model when two or more predictors or explanatory or independent variables are highly correlated to each other. In this situation, there exists a strong correlation among the…
Data levels in statistics indicates the measurement levels in statistics. In statistics, the statistical data whether qualitative or quantitative, are generated or obtain through some measurement or some observational process. Measurement is essentially the task of assigning numbers to observations…
The relationship between two or more random variables are generally defined as the correlation. It is the major part of bivariate analysis. When variables are found to be related, we often want to know how close the relationship is. The…
Skewness and kurtosis are two important measure in statistics. Skewness refers the lack of symmetry and kurtosis refers the peakedness of a distribution. Skewness Literally, skewness means the ‘lack of symmetry’. We study skewness to have an idea about the…
In statistics, A Random Variable is a set of possible values from a random experiment which is known in advance and the experiment can be repeated underer identical condition. According to Investopedia, “A random variable is a variable whose value…
Measures of dispersion is statistical measure by which we determine how the observations spread out or scattered on each side of center. Variance and standard deviation is the most popular measures of dispersion. Definition of Dispersion Dispersion is a statistical…
Statistical hypothesis testing is a procedure of a test on the basis of observed data modelled as the realised values taken by a collection. According to Investopedia, “Hypothesis testing is an act in statistics whereby an analyst tests an assumption…
Variance is one of the best measure of dispersion which measure the difference of all observation from the center value of the observations. Population variance and standard deviation The average of the square of the deviations taken…
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