Creating a simple Linear regression model and preparing for multi-linear regression. In this example, we use a sample of marketing spend data vs. sales and inspect the correlation between radio spend and total sales. The regression line is fitted using the ols function from statsmodels.formula.api You can download the original file from Kaggle here then… Read more: Using Python for Multi-Linear Regression

Significance Tests (normal distribution assumed) Groups Requirements Test Tails Statistic Distribution Degrees of freedom Example 1 normal dist, n > 30 and known variance z-test 1 and 2 z-score Normal NA A sample of the population is tested for height. Do they match the known population?Population mean and standard deviation are known, sample > 30… Read more: How to Select the Correct Statistical Testing Test (A Table)

Linear Regression using Salary and Years of Experience Data Data Source: Salary_dataset.csv KaggleThe salary data set includes 2 columns: Years Experience which will be our independent variable (X) and Salary (Y). Linear regression is a fundamental statistical method used to model the relationship between a dependent variable and one or more independent variables. The primary… Read more: Simple Linear Regression Example with Python

In business, the most commonly used t-test is often the Independent Two-Sample t-test. This test is widely utilized to compare the means of two independent groups or samples to determine if there is a significant difference between them. The Independent Two-Sample t-test is particularly useful in various business scenarios, such as: Purpose: Example: 2. Independent… Read more: How to use the T-Test Statistical Test

Analysis: UK House Price IndexData Source: Office Of National Statistics Period: MonthlyGraph: Showing December Yearly Prices Linear Trendline Polynomial Trendline (order 3) Observations (from the raw data): Over the 19 years between YE 2005 and YE 2023, average UK house prices have increased from:£160,209 in 2006 to £284,681 in 2023 or 78% with an average… Read more: Excel Analysis and Forecast of the UK House Pricing

MeanMedianModeMin and MaxVarianceStandard Deviation Descriptive statistics are general statistics used to describe data. Statistics such as average customer value and average sales amount are typically used as Key Performance Indicators for the business. In the graph below we plot each sales amount for a fictitious electrical store. It could also represent a supermarket’s sales, charitable… Read more: An Overview of Basic Descriptive Statistics