Tag Archives: Data Science
Data Analytics for Car Dealers: Actionable Insights
Are you starting a car dealership and wondering how to leverage data to make informed business decisions? In today’s data-driven world, analytics can be the difference between a thriving business and a failing one. This blog aims to provide actionable insights for car dealers, especially those starting new car dealer business, to excel in various business aspects. I will cover inventory management, pricing strategy, marketing and sales, customer service, and risk mitigation, all backed by data analytics. I will continue to update this blog with more methods in time to come. The data used for analysis can be found on the Kaggle.com – Ultimate Car Price Prediction Dataset. First and …
Insurance & Linear Regression Model Example
Ever wondered how insurance companies determine the premiums you pay for your health insurance? Predicting insurance premiums is more than just a numbers game—it’s a task that can impact millions of lives. In this blog, we’ll demystify this complex process by walking you through an end-to-end example of predicting health insurance premium charges by demonstrating with Python code example. Specifically, we’ll use a linear regression model to predict these charges based on various factors like age, BMI, and smoking status. Whether you’re a beginner in data science or a seasoned professional, this blog will offer valuable insights into building and evaluating regression models. What is Linear Regression? Linear Regression is …
Chi-square test – Formula, Concepts, Examples
The Pearson’s Chi-square (χ2) test is a statistical test used to determine whether the distribution of observed data is consistent with the distribution of data expected under a particular hypothesis. The Chi-square test can be used to compare or evaluate the independence of two distributions, or to assess the goodness of fit of a given distribution to observed data. In this blog post, we will discuss different types of Chi-square tests, the concepts behind them, and how to perform them using Python / R. As data scientists, it is important to have a strong understanding of the Chi-square test so that we can use it to make informed decisions about …
Linear Regression Python Examples
In this post, you will learn about concepts of linear regression along with Python Sklearn examples for training linear regression models. Linear regression belongs to a class of parametric models and is used to train supervised machine learning models. Introduction to Linear Regression Linear regression is a machine learning algorithm used to predict the value of continuous response variables. The predictive analytics problems that are solved using linear regression models are called supervised learning problems as they require that the value of response/target variables must be present and used for training the models. Also, recall that “continuous” represents the fact that the response variable is numerical in nature and can take infinite different values. …
Procurement Advanced Analytics Use Cases
The procurement analytics applications are poised to grow exponentially in the next few years. With so much data available and the need for digital transformation across procurement organizations, it’s important to know how procurement analytics can help you make better business decisions. This blog will cover procurement analytics and key use cases of advanced analytics that will be useful for business stakeholders such as category managers, sourcing managers, supplier relationship managers, business analysts/product managers, and data scientists to implement different use cases using machine learning. Procurement analytics will allow you to use data very effectively in achieving data-driven decision-making. Procurement analytics use cases can be initiated by utilizing dashboards to …
Microsoft’s Free Courses: Data Science, Machine Learning, AI
Are you keen on diving into the world of data science, machine learning, or artificial intelligence? Have you been searching for courses that not only teach the fundamentals but are also free and accessible? Look no further! Microsoft has put together three distinct courses that will cater to your interests and ignite your passion for learning. Data Science for Beginners This course offers an ideal starting point for those new to data science, focusing on the basics and guiding through practical exercises. The course would help you demystify the complex world of data, allowing you to make informed decisions in various fields such as business, healthcare, and more. Each lesson …
Hypothesis Testing Steps & Examples
Hypothesis testing is a technique that helps scientists, researchers, or for that matter, anyone test the validity of their claims or hypotheses about real-world or real-life events in order to establish new knowledge. Hypothesis testing techniques are often used in statistics and data science to analyze whether the claims about the occurrence of the events are true, whether the results returned by performance metrics of machine learning models are representative of the models or they happened by chance. This blog post will cover some of the key statistical concepts including steps and examples in relation to what is hypothesis testing, how to formulate them and how to use them in …
7 Free MIT AI / Machine Learning Courses: Enroll Now!
Are you eager to dive into the world of machine learning and AI but worried about the costs? Are you fascinated by how data analytics can shape the future of various industries? What if you could access top-notch education from one of the leading institutions in the world, absolutely free? In the next six months, MIT is offering seven upcoming free courses designed to equip you with the knowledge and skills in machine learning, AI, and data analytics. Whether you’re a seasoned professional looking to upskill or a beginner ready to embark on a new journey, these courses provide an incredible opportunity. In this blog, we’ll delve into the details …
IIT Madras Fellowship in AI for Social Good
Are you an AI researcher driven by the passion to make a positive impact on society? Do you seek to use your knowledge in machine learning and AI to contribute to real-world issues? Are you intrigued by the idea of joining a leading interdisciplinary research center for data science in India? Then here is the opportunity to discover a unique opportunity that aligns with your aspirations and expertise at the Robert Bosch Centre for Data Science and Artificial Intelligence (RBCDSAI), IIT Madras. Apply Now for fellowship program in AI for social good. About RBCDSAI RBCDSAI is one of India’s pre-eminent interdisciplinary research academic centers specializing in Data Science and AI. …
Machine Learning Projects for Final Year Students: Examples
As aspiring data scientists, computer scientists, and statisticians, the final year of your academic journey presents a perfect opportunity to showcase your skills and knowledge in practical applications. In this blog, we will explore a diverse set of exciting machine-learning projects that are well-suited for final-year students. These projects cover various domains, including education, healthcare, crime prediction, and more. We will delve into each project’s description, problem type (classification, regression, etc.), and the methods used for analysis. Whether you are seeking inspiration for your final year project or simply eager to explore the power of machine learning in real-world scenarios, this blog has something for everyone! In case you would …
NPTEL’s Machine Learning & Data Science Online Courses (Jul-Nov 2023)
In the rapidly evolving domains of Machine Learning, Data Science, and Artificial Intelligence, the quest for quality education and courses has become paramount. For those familiar with the educational landscape of India, the Indian Institutes of Technology (IITs) stand out as beacons of excellence. Established by the government of India, the IITs are autonomous public technical universities that are recognized globally for their outstanding curriculum, research, and innovation. Every year, thousands of students vie for a coveted spot in these institutions, and their alumni have made significant contributions to technology and research worldwide. NPTEL (National Programme on Technology Enhanced Learning), in collaboration with these premier IITs, has curated a range …
Autoregressive (AR) Models Python Examples: Time-series Forecasting
Autoregressive (AR) models, which are used for text generation tasks and time series forecasting, can be employed to predict future values predicated on previous observations. This blog post will provide the concepts of autoregressive (AR) models with Python code examples to demonstrate how you can implement an AR model for time-series forecasting. Note that time-series forecasting is one of the important areas of data science/machine learning. In subsequent blogs, we will take up the topic of how autoregressive models can be used as generative model for text generation tasks. For beginners, time-series forecasting is the process of using a model to predict future values based on previously observed values. Time-series data …
Generative Adversarial Network (GAN): Concepts, Examples
In this post, you will learn concepts & examples of generative adversarial network (GAN). The idea is to put together key concepts & some of the interesting examples from across the industry to get a perspective on what problems can be solved using GAN. As a data scientist or machine learning engineer, it would be imperative upon us to understand the GAN concepts in a great manner to apply the same to solve real-world problems. This is where GAN network examples will prove to be helpful. What is Generative Adversarial Network (GAN)? We will try and understand the concepts of GAN with the help of a real-life example. Imagine that …
Sign Test Hypothesis: Python Examples, Concepts
Have you ever wanted to make an informed decision, but all you have is a small amount of non-parametric data? In the realm of statistics, we have various tools that enable us to extract valuable insights from such datasets. One of these handy tools is the Sign test, a beautifully simple yet potent method for hypothesis testing. Sign test is a non-parametric test which is often seen as a cousin to the one-sample t-test, allows us to infer information about a whole population based on a small, paired sample. It is particularly useful when dealing with dichotomous data – Data that can have only two possible outcomes. In this blog …
K-Means Clustering Concepts & Python Example
Clustering is a popular unsupervised machine learning technique used in data analysis to group similar data points together. The K-Means clustering algorithm is one of the most commonly used clustering algorithms due to its simplicity, efficiency, and effectiveness on a wide range of datasets. In K-Means clustering, the goal is to divide a given dataset into K clusters, where each data point belongs to the cluster with the nearest mean value. The algorithm works by iteratively updating the cluster centroids until convergence is achieved. In this post, you will learn about K-Means clustering concepts with the help of fitting a K-Means model using Python Sklearn KMeans clustering implementation. You will …
Mann-Whitney U Test (Wilcoxon Rank Sum): Python Example
In the ever-evolving world of data science, extracting meaningful insights from diverse data sets is a fundamental task. However, a significant problem arises when these data sets do not conform to the assumptions of normality and equal variances, rendering popular parametric tests like the t-test ineffectual. Real-world data often tends to be skewed, includes outliers, or originates from an unknown distribution. For instance, data related to salaries, house prices, or user behavior metrics often challenge traditional statistical methods. This is where the Wilcoxon Rank Sum Test, also known as the Mann-Whitney U test, proves to be an invaluable statistical test. As a non-parametric alternative to the independent two-sample t-test, it …
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