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In particular, m is a sample median if and only if m minimizes the arithmetic mean of the absolute deviations. [ 7 ] More generally, a median is defined as a minimum of E ( | X − c | − | X | ) , {\displaystyle E(|X-c|-|X|),} as discussed at Multivariate median (and specifically at Spatial median ).
Data mining is a particular data analysis technique that focuses on statistical modeling and knowledge discovery for predictive rather than purely descriptive purposes, while business intelligence covers data analysis that relies heavily on aggregation, focusing mainly on business information. [4]
A typical "Business Statistics" course is intended for business majors, and covers [71] descriptive statistics (collection, description, analysis, and summary of data), probability (typically the binomial and normal distributions), test of hypotheses and confidence intervals, linear regression, and correlation; (follow-on) courses may include ...
Data analysis focuses on the process of examining past data through business understanding, data understanding, data preparation, modeling and evaluation, and deployment. [8] It is a subset of data analytics, which takes multiple data analysis processes to focus on why an event happened and what may happen in the future based on the previous data.
The use of descriptive and summary statistics has an extensive history and, indeed, the simple tabulation of populations and of economic data was the first way the topic of statistics appeared. More recently, a collection of summarisation techniques has been formulated under the heading of exploratory data analysis : an example of such a ...
Tukey defined data analysis in 1961 as: "Procedures for analyzing data, techniques for interpreting the results of such procedures, ways of planning the gathering of data to make its analysis easier, more precise or more accurate, and all the machinery and results of (mathematical) statistics which apply to analyzing data." [3]
Pearson's chi-squared test or Pearson's test is a statistical test applied to sets of categorical data to evaluate how likely it is that any observed difference between the sets arose by chance. It is the most widely used of many chi-squared tests (e.g., Yates , likelihood ratio , portmanteau test in time series , etc.) – statistical ...
As statistics and data sets have become more complex, [a] [b] questions have arisen regarding the validity of models and the inferences drawn from them. There is a wide range of conflicting opinions on modelling. Models can be based on scientific theory or ad hoc data analysis, each employing different methods. Advocates exist for each approach ...