Statistics for Data Analytics [Week 1-4]

Advanced Statistical Concepts [Week 4]

Once you’ve mastered the basics, there are a few advanced topics that can really help set you apart as a data analyst:

  • Logistic Regression: Used when the dependent variable is binary (yes/no, 0/1). For example, predicting whether a customer will churn or not.

    Real-life Example:
    A telecommunications company might use logistic regression to predict whether a customer will cancel their service based on variables like contract length, usage, and customer service interactions.

  • Time Series Analysis: Used to analyze data that is collected over time (e.g., stock prices, weather data).

    • Moving Averages: A technique used to smooth out short-term fluctuations and highlight longer-term trends.
    • ARIMA Models: Used for forecasting based on time series data.

    Real-life Example:
    A sales analyst might use time series analysis to forecast future sales based on past sales data, accounting for trends and seasonal variations.