So, the chance of rolling a six is 1/6= 0.167. They (data scientists) should know that probability of an event is calculated by dividing the number of events by the number of possible outcomes.įor instance, when you are rolling a dice, six possible outcomes can be derived from the activity. On the other hand, a probability of 1 indicates that the event will certainly occur.įor data scientists, it’s important to understand how to calculate probability. It is also expressed as percentages ranging from 0% to 100%.Ī probability of 0 indicates that there is no chance that the event will occur. Probability is demonstrated as a value between 0 and 1. It is a basic concept of statistics for data science for making accurate data predictions. Probability means measuring the likelihood of an event. Below we have listed the critical concepts of statistics for data science. Therefore, a strong foundation in statistics, helps data scientists make sense of the vast amount of data available to them.Īlso Read: 5 Incorrect Phrases That Could Ruin Your Data Science Interview Key Concepts of Statistics for Data Scienceĭata scientists need to understand key statistical concepts to build a strong foundation in statistics. This information can be used for product development, marketing, and making complex business decisions. Additionally, statistical inference techniques enable data scientists to make generalizations about the population from which they have collected data. With statistical tools and techniques, data scientists can understand the behavior of the data and make informed decisions based on their findings. Data scientists also use statistics to make predictions and use mathematical models to identify relationships between data sets. In data science, statistics is at the core of machine learning algorithms, translating data patterns into actionable results. In addition to that, let’s take a look at the list of top five concepts of statistics for data science that you must be aware of. Therefore, let’s explore more about the statistical concept of data science here.
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