Discuss@GL4L

Statistical learning


#1

Why Statistics?

Analytics in our day to day life
Knowingly / Unknowingly we all tend to use analytics in our day-to-day life for decision making
• Buying something in market • Planning a vacation • Analyzing a cricket match • Preparing for exam • Playing Chess • Weather Forecast Analyzing things helps you do better planning and increases the likelihood of you getting the desired results.

Analytics in Business: Descriptive – Predictive – Prescriptive

Skills required to be successful in Business Analytics

Statistics & Data Mining - Definitions

Statistics • the practice or science of collecting and analysing numerical data in large quantities, especially for the purpose of inferring proportions in a whole from those in a representative sample.

Data Mining • Data mining is the analysis of (often large) observational data sets to find unsuspected relationships and to summarize the data in novel ways that are both understandable and useful to the data owner.