What is probability distribution
Probability distribution can be defined as a function which describes the likelihood of obtaining the possible values that a random variable can assume.
Types of Probability Distributions
Below are the types of probability distribution and I’ll explain few of them in details later in this article.
1. Bernoulli Distribution
A Bernoulli distribution has only two possible outcome and a single trial. Outcomes could be either 1(success) or 0 (failure). …
In probability and statistics, to know the relationship between any two random variables, covariance and correlation play a vital role. In this article we will learn about these two major concepts.
What is covariance
Covariance tells us the relationship between two variables. It varies from +infinity to -infinity.
Positive covariance means when variable increase another variable also increase and vice versa for negative covariance. Zero covariance means there is no relationship between two variables.
However, covariance fails to quantify the strength of the relation between two variables.
Mathematical representation of covariance
The covariance between two variables x and y is…
In today's world, to run a business successfully one must have good forecasting skills. Better the forecasting, better the result would be. Forecasting could be done effectively with help of data analysis and we can perform data analysis once we have relevant and business oriented data.
So to perform data analysis we need to collect the data and in this article i am going to tell you the different tools and benefits of data collection.
What is Data collection
Data collection is the process of gathering and measuring information on targeted variables in an established system, which then enables one…
Data Analyst at IBM