Probability Distributions > Laplace Distribution What is a Laplace Distribution? The Laplace distribution, one of the earliest known probability distributions, is a continuous probability distribution named after the French mathematician Pierre-Simon Laplace. Like the normal distribution, this distribution is unimodal…
Ad Hoc Analysis and Testing: Definition
Statistics Definitions > Ad Hoc Analysis What is Ad Hoc Analysis? Ad hoc means “for a particular purpose only.” Ad Hoc Analysis is used in business intelligence to answer a specific question at a specific time; In other words, on…
Residual Values (Residuals) in Regression Analysis
Statistics Definitions > Residual What is a Residual in Regression? When you perform simple linear regression (or any other type of regression analysis), you get a line of best fit. The data points usually don’t fall exactly on this regression…
Factor Analysis: Easy Definition
Statistics Definitions > Factor Analysis Contents: What is Factor Analysis? Factor Loadings Multiple Factor Analysis Confirmatory Factor Analysis Exploratory Factor Analysis What is Generalized Procrustes Analysis (GPA) What are Latent Variables? What are Manifest Variables? 1. What is Factor Analysis?…
Arithmetic Mean: Definition How to Find it
Statistics Definitions > Arithmetic Mean Contents: What is the Arithmetic Mean? How to find it (Examples) Population vs. Sample Mean Showing the Arithmetic Mean is Greater than the Geometric Mean What is the Arithmetic Mean? The arithmetic mean is another…
Random Variable: What is it in Statistics?
Types of Variable > Random Variable Contents: What is a Random Variable? Discrete and Continuous Random Variables Random Events: Examples Probabilities Mean and Mode of a Random Variable Variance: Discrete Random Variable Continuous Random Variable Binomial Random Variable PDF and…
Law of Large Numbers / Law of Averages
Statistics Definitions > Law of Large Numbers & The Law of Averages Contents: What is the Law of Large Numbers? Strong and Weak Law of Large Numbers Law of Averages The Gambler’s Fallacy What is the Law of Large Numbers?…
How to Calculate the Least Significant Difference (LSD)
Hypothesis Testing > How to Calculate the Least significant Difference Watch the video or read the steps below: Please accept statistics, marketing cookies to watch this video. How to Calculate the Least Significant Difference (LSD): Overview When you run an…
Mann Whitney U Test: Definition, How to Run
Statistics Definitions > What is a Mann Whitney U Test? The Mann-Whitney U test is the nonparametric equivalent of the two sample t-test. While the t-test makes an assumption about the distribution of a population (i.e. that the sample came…
Homoscedasticity / Homogeneity of Variance/ Assumption of Equal Variance
Regression Analysis > Homoscedasticity / Homogeneity of Variance / Assumption of Equal Variance Simply put, homoscedasticity means “having the same scatter.” For it to exist in a set of data, the points must be about the same distance from the…