statistics

The Nigerian Content Development and Monitoring Board (NCDMB) has sponsored a workshop for the development of Consultative Committee on Petroleum Statistics (CCPS) framework. The workshop was held last week at the Petroleum Technology Development Fund (PTDF) headquarters, Abuja. The NCDMB said in a statement that the workshop was aimed at brainstorming to develop and adopt the CCPS framework and the key members of the CCPS are the Ministry of Petroleum Resources (MPR) and other ministries, departments, and…

Undergraduate students at the University of Nebraska Omaha collaborate on a group assignment for a STEM course. Credit: Derrick Nero, University of Nebraska Omaha, CC BY-NC-ND Women in statistics classes do better academically than men over a semester despite having more negative attitudes regarding their own abilities, according to our recent study in the Journal of Statistics and Data Science Education.…

Keep these ideas in mind when contemplating the odds of winning Friday's Mega Millions jackpot. Credit: Unsplash. With Friday night's Mega Millions jackpot having ballooned to $1.02 billion, people in eligible states across the country are no doubt considering purchasing a ticket or two. …

Physical understanding of the sample meanPhoto by Joshua Wilson on UnsplashProbably all of us (not only data science people) used to compute the sample mean. Everyone knows the simple formula for the sample mean. It is simply the sum of the observations divided by their amount, i.e. the arithmetic mean. However, what is the understanding of it, what does its value computed for certain data mean, and what do its characteristics physically mean and translate. And what does it actually mean to be the sample mean? I will…

Make predictions with pure statisticsPhoto by Nika Benedictova on UnsplashThis article is in some sense a sequel to my previous article on Bayesian statistics. Long story short, the company I work for needed a model that not only predicts a target variable as a number but also estimates its probability density, i.e. estimates that the predicted variable will likely be in a certain range from the prediction. As a result, the model based on the naive Bayes approach has been created that not only suited the initial task but…

To say the past few years have been eventful for businesses would be a gross understatement. Companies have faced a very challenging environment, from the pandemic to a wide variety of social and political changes. More recently, businesses, like consumers, have had to contend with rapidly rising inflation. Nowhere has the sum of these issues been felt more acutely than in the business insurance industry, which exists to help companies reduce their financial risks. That’s easier said than done when businesses are…

In this article, we explore how the importance of batting statistics such as OBP, SLG, and AVG varied with respect to player salaries from the pre to post-Moneyball eraImage by Jimmy Conover on UnsplashIn Michael Lewis’ Moneyball: The Art of Winning an Unfair Game, Billy Beane - the general manager of the Oakland Athletics - is credited with identifying the inefficiencies in the market for baseball players. One story that comes up again and again in the award-winning book is around walks in baseball.Traditionally,…

Simple and clear explanations of different statistical conceptsPhoto by Markus Winkler on UnsplashMy professor once mentioned that if you can explain a term to someone who is completely unfamiliar with it and have them get the concept, then you are regarded to be knowledgeable about the subject. This method is also the approach I've taken whenever I've learned something new. As I am reviewing interview questions, I realize how important it is to practice this active way of learning.There are a lot of definitions and a lot…

A simple guide on how to use statistics to run A/B tests on proportionsImage by authorOnline marketing and startup growth are better if you can continuously test different ideas. The statistic comes into help when we have to perform A/B tests. The results you may achieve with the proper analysis can give your project a great boost.Companies often need to compare the results of some action with the results of another one in order to identify the most performing one. Generally speaking, there’s often the need to check which…