Predictive Analytics

Means, sum of squares, squared differences, variance, standard deviation and standard error

August 18, 2012

I remember how confusing these terms were to me when I started learning statistics. Let me offer a brief non-technical explanation of each: When we take a random sample of observations from a population of particular interest (e.g. all our customers), we would like to do some modelling (e.g. mean or regression) so that our sample can describe and/or predict the total population of interest. The most basic model we can use is to calculate the mean score of any given variable or construct, and then conclude that it represents the population of interest.   However, before we can use the [READ MORE]