Trending March 2024 # Data Science Can Assist To Accomplish Economic Goals In Modi 2.0 Governance # Suggested April 2024 # Top 5 Popular

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After locking a powerful electoral mandate last month for the next five-year term, India’s Prime Minister Narendra Modi-led BJP has a unique opportunity to drive the country’s economic reforms without populist hues. The government has also a tempting and massive challenge of satisfying objectives, including quantity and quality of jobs, access to better education and healthcare, basic and desired goods at reasonable costs throughout the country that drove the unprecedented mandate for Modi 2.0. Thankfully, modern and state-of-the-art technology, particularly data science can be portrayed as a vital role in ensuring efficient and flourishing governance. If implement in a non-intruding manner, data science has the potential to convert the citizens’ behaviour, bureaucrats and service providers in the anticipated direction and at the desired pace. India is a vast and diverse country, and many times this vastness and diversity cause slow economic and human progress. Also, this vastness and diversity mean higher variance and lower correlation, which is the aim of a data scientist. A data science calibre performs best when the underlying processes have high discrepancy and low correlation.  

Achieving the Economic Goal

India’s vastness and diversity can be used by data science techniques to drive economic growth and human wellbeing. Data analytics techniques, combined with real-time data visualisation, automated comparative checklists, automated comparative root cause analysis and using now pervasive and cheap broadband connectivity, among different industries, for instance in healthcare facilities in India will assist the health care providers to scale themselves to the top healthcare organizations operating within India itself. Several areas are nearly out of the mainstream line, but by digital technology, it’s being mapped by the government to generate Big Data. By using data analytics with the purpose of keeping a track of agricultural assets, for example, in the country through online recording and monitoring, the government plans to geo-tag all such infrastructure. Appropriate utilization of applications of these techniques can empower India to accomplish many industries parameters as compared to the developed world as possible within a few timespans. Data science can also be implemented in scenario generation for significant government projects. An effective scenario generation, based on the effect of previous projects on the livelihood of the displaced people, informs the lawmakers to further involvements required to lessen the downside of them. Simultaneously, by leveraging effective data visualization methods, an immersive digital experience can be developed for the displaced people to feel how their lives will be changed by the project. By doing so, data scientists can assist in cutting down the time taken for land acquisition, as well as easing imperative bottlenecks that often emerge in the progress of the country.

After locking a powerful electoral mandate last month for the next five-year term, India’s Prime Minister Narendra Modi-led BJP has a unique opportunity to drive the country’s economic reforms without populist hues. The government has also a tempting and massive challenge of satisfying objectives, including quantity and quality of jobs, access to better education and healthcare, basic and desired goods at reasonable costs throughout the country that drove the unprecedented mandate for Modi 2.0. Thankfully, modern and state-of-the-art technology, particularly data science can be portrayed as a vital role in ensuring efficient and flourishing governance. If implement in a non-intruding manner, data science has the potential to convert the citizens’ behaviour, bureaucrats and service providers in the anticipated direction and at the desired pace. India is a vast and diverse country, and many times this vastness and diversity cause slow economic and human progress. Also, this vastness and diversity mean higher variance and lower correlation, which is the aim of a data scientist. A data science calibre performs best when the underlying processes have high discrepancy and low correlation.India’s vastness and diversity can be used by data science techniques to drive economic growth and human wellbeing. Data analytics techniques, combined with real-time data visualisation, automated comparative checklists, automated comparative root cause analysis and using now pervasive and cheap broadband connectivity, among different industries, for instance in healthcare facilities in India will assist the health care providers to scale themselves to the top healthcare organizations operating within India itself. Several areas are nearly out of the mainstream line, but by digital technology, it’s being mapped by the government to generate Big Data. By using data analytics with the purpose of keeping a track of agricultural assets, for example, in the country through online recording and monitoring, the government plans to geo-tag all such infrastructure. Appropriate utilization of applications of these techniques can empower India to accomplish many industries parameters as compared to the developed world as possible within a few timespans. Data science can also be implemented in scenario generation for significant government projects. An effective scenario generation, based on the effect of previous projects on the livelihood of the displaced people, informs the lawmakers to further involvements required to lessen the downside of them. Simultaneously, by leveraging effective data visualization methods, an immersive digital experience can be developed for the displaced people to feel how their lives will be changed by the project. By doing so, data scientists can assist in cutting down the time taken for land acquisition, as well as easing imperative bottlenecks that often emerge in the progress of the country. India has a ready pool of honed and trained talent that can support the government for ameliorating the lives of common citizens of India. Data science is one of the very imperative techniques available to India. Deploying this technique is comparatively low in terms of cost as the youth of India in today’s disruptive age is educating themselves in data science like techniques. Even most companies operating on a global scale are already utilizing these Indian youths’ skills for their business successes.

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When To Use Data Science In Seo

Data science comes closer to SEO every day.

Data science, and more exactly artificial intelligence, isn’t new, but it has become trendy in our industry over the past few years.

In this article, I will briefly introduce the main concepts of data science through machine learning and also answer the following questions:

When can data science be used in SEO?

Is data science just a buzzword in the industry?

How and why should it be used?

A Brief Introduction to Data Science

Data science crosses paths with both big data and artificial intelligence when it comes to analyzing and processing data known as datasets.

Google Trends does a pretty good job of illustrating that data science, as a subject of intent, has been increasing over the years since 2004.

The user intent for “machine learning” has been increasing as well, and is one of the most popular search queries.

This is also one of the two ways for operating artificial intelligence and what this article will focus on.

What Is the Concrete Relationship Between Artificial Intelligence & Google?

Back in 2011, Google created Google Brain, a team dedicated to artificial intelligence.

The main objective of Google Brain is to transform Google’s products from the inside and to use artificial intelligence to make them “faster, smarter and more useful.”

We easily understand that the search engine is their most powerful tool and considering its market share (95% of users use Google as their main search engine), it comes as no surprise that artificial intelligence is being used to improve the quality of the search engine.

What Is Machine Learning?

Machine learning is one of the two types of learning that powers artificial intelligence.

Machine learning tends to solve a problem through a frame of reference and the output is checked by a human being, as it always comes with a certain percentage of error.

Google explains machine learning as follows:

“A program or system that builds (trains) a predictive model from input data. The system uses the learned model to make useful predictions from new (never-before-seen) data drawn from the same distribution as the one used to train the model. Machine learning also refers to the field of study concerned with these programs or systems.”

More simply, machine learning algorithms receive training data.

In the example below, this training data is photos of cats and dogs.

Then, the algorithm trains itself in order to understand and identify the different patterns.

The more the algorithm is trained, the better the accuracy of the results will be.

Then, if you ask the model to classify a new picture, you will obtain the proper answer.

Google Images is certainly the best example to reproduce this explanation.

What Is the Concrete Relationship Between Artificial Intelligence & SEO?

Back in 2024 – and to limit this discussion to the main algorithms – RankBrain was rolled out in order to improve the quality of the search results.

As about 15% of queries have never been searched for before, the aim was to automatically understand best the query in order to produce relevant results.

RankBrain was developed by Google Brain.

Then, in 2023, BERT was introduced to better understand search queries.

As SEO professionals, it is important to note that we can not optimize a website for either RankBrain or BERT as they are designed to better understand and answer search queries.

To resume, these algorithms are involved in processes that don’t affect how websites are evaluated or matched to queries. There is no way of optimizing for them.

Still, as Google uses machine learning, it is important to know more about this field and also to be able to use it: it can help run your daily SEO operations.

What Is the Value of Machine Learning to SEO?

The following can be seen as valuable areas for applying machine learning to SEO according to my experience:

Prediction.

Generation.

Automation.

The above can help to save time on your daily operations and also convince the decision-makers in your organization.

From there, the rest of the article may convince you (as I am convinced) or leave you doubtful.

Either way, the following parts will certainly interest you.

Prediction

Prediction algorithms can be helpful to prioritize your roadmap by highlighting keywords.

The above is available thanks to an open-source code written by Mark Edmonson.

The idea is to make the following assumption: if I were ranking first for these keywords, what would be my revenue?

It then gives you your current position and the potential revenue you could get by taking into account an error margin.

It can help convince your higher-ups to focus on some specific keywords but also can appeal to your client (if you’re working as a consultant or in an agency).

Generation

Writing content is certainly one of the most time-consuming tasks in SEO.

Either you write the content yourself or you need, at a minimum, to write a brief.

In both cases, it is sometimes hard to find the inspiration to work efficiently.

This is why the automatic generation of content is valuable.

As I already said, machine learning comes with an error margin.

That is why this kind of content automation needs to be seen as producing an initial editorial framework.

I’ve shared some sample source code available here.

Also, getting a first automated draft of editorial content can help you semi-automate your internal linking by allowing you to highlight, manually, your top and secondary anchor tags.

Automation

Automation is helpful to label images and eventually video by using an object detection algorithm as seen on TensorFlow.

This algorithm can help label images, so it can optimize alt attributes pretty easily.

Also, the automation process can be used for A/B testing as it is pretty simple to make some basic changes on a page.

In this case, the idea would be to automate A/B testing thanks to the content generation and update it based on the expected performance.

More Resources:

Image Credits

All screenshots taken by author, December 2023

How To Choose Data Science Consultants In 2023

According to the U.S Bureau of Labor Statistics (BLS), data science is among the 10 fastest-growing jobs of the next decade and the expected growth rate through 2030 is 31%. Yet, data science talent is still scarce. That’s why businesses that lack data science talent may need to rely on data science consulting companies.

In this article, we explain how, when and why to choose a data science consultant.

What is data science consulting?

Data science consulting is the activity to effect change by building up the client’s analytics skills, developing competencies, and understanding of the inner workings of their business.

Data science consulting firms provide 4 services to companies. These services are:

Strategy building

Validation of strategy

Model development

Employee training

Strategy

The strategy part of the consulting explores what’s possible with data and aims to create a plan. This part requires extensive knowledge regarding the use cases. Depending on the client’s industry, the data collection method, regulation, and objectives can be completely different.

For one case, the objective can be optimizing the energy consumption of a plant, which can be achieved through collecting the data through machinery and getting the necessary paperwork from the business owner itself. Whereas, for an FMCG firm, trying to create a data pipeline to maximize the sales, the data collection can be limited by red tape, consumer protection and personal data protection requires considering the legal side of the work.

Collaboration between different departments is the key to success. The nature of data science makes the process more interdisciplinary and interdepartmental.

The strategy usually answers the following questions:

What to do?

What to collect?

How to collect it?

Where to store it?

How to protect it?

How to implement the solution?

Validation

The validation step is necessary to validate the identified strategy. While creating the strategy can be completed in hours in urgent cases, implementation can take months. Therefore, it is important to validate the strategy. 

Validation is a natural step in finalizing the strategy. However, this may cause a conflict of interest if the validity of the strategy is evaluated by the same people providing the consultation.

In most consulting projects, in the interest of time, the same team builds and validates the strategy. Having another team for validation would require them to start the analysis from almost scratch, creating significant inefficiencies. Separation of strategy and its validation makes it easier to find and spot the problems in the strategy and clarify how the validation step improved the strategy.

Validation includes answering these questions:

What is the insight behind this strategy?

What is a low-cost way to test this strategy without fully implementing its findings?

What do tests tell about the validity of the strategy?

Development

Development is the activity of designing and building a modern data product or internal tool. This is more like the IT part of data science consulting. Custom-tailored solutions for specific problems require a heavy emphasis on the development process.

Training

Training provided by consultants boosts the data literacy of your teams. Continuous training ensures that your teams are aware of the data science development process built by consultants. This also ensures that internal teams capture the main points and provide a meaningful contribution to the continuous improvement of the entire data science process.

Recommendations for end users: 

Ensure the data science consultancy team follows collaboration best practices and a process that is interdisciplinary and interdepartmental.

Choose a data science consultancy that separates strategy and its validation. This makes it easier to find and spot the problems in the strategy and clarify how the validation step improved the strategy. 

Check developers’ domain expertise by interviewing and asking them domain specific questions.

Reach out to customer references of consultants and check the success of continuous improvement of data science initiatives started by consultants.

How do data science consultants work?

Top management consultants like McKinsey have been putting significant effort into modernizing their data science project management approaches. Their frameworks are similar to the ones we outlined above, but it would be good to look at the areas they emphasize.

Source of Value

Everything starts with the problem definition. The problem of most data science projects is finding a new opportunity that will enforce revenue growth and performance improvement. Consultants can also help in this step by identifying key value creation opportunities powered by analytics/data science. The most common use cases are improving customer-facing activities, optimizing internal processes with data-driven insights, and expanding clients’ portfolio of offerings.

Data Ecosystem

Consultants look for data sources to use in the project to unlock the value of data sources.

Data sources that data science consultants can use are:

Modeling Insights

Data science consultants either build new data models or select from existing models specific to the client’s problem. These models are tested on the client’s data to uncover insights. They can use tools such as AutoML to increase the efficiency in the modeling process.

Turning Insights into Actions

With their models’ results, consultants create a feasible action plan that will include both process and technology changes. These steps can also include rolling out models built during the project to empower operational decisions.

Adoption of Technology

Data science consultants should know that their clients may not have a data-driven culture and be ready to adapt to new data science tools. Consultants spend time on training clients’ employees, ensuring implementation of the prescribed actions, and enabling an effective change management.

Optimization of Organization and Governance

Lastly, consultants help build data governance and IT infrastructure to ensure that organizations can have lasting performance improvement. Performance improvements that do not address governance aspects of change tend to be short-lived.

Necessary Skills for Data Science Consultants

Below image from AltexSoft highlights what skills are required to be a data scientist consultant. Required and preferred skills can be categorized as follows:

Required skills:

Coding languages

Data management skills

Knowledge of pre-existing ML algorithms and models

Business acumen and collaboration

Preferred skills:

Knowledge of frameworks and libraries

PyTorch

TensorFlow for neural networks

Skicit-learn for machine learning

Experience in the industry

Enthusiasm for problem-solving

Cases where hiring a data science consulting agency is a better option

Data science projects can be handled via the following approaches:

Companies can choose either option, yet, each approach has pros and cons depending on the business’ industry, objectives, and budget. 

There is no suitable off-the-shelf solution for your use case: If companies have specific needs and existing off-the-shelf solutions do not meet those expectations, consulting companies can help build customized products so that businesses eliminate or minimize off-the-shelf solution risks such as costly customization projects.

Budget is not enough to build an in-house team: A data science team includes roles such as Chief Data Officer, data analyst, business analyst, data scientist, data architect, data engineer, etc. Building such a team is an expensive approach considering an average salary of a single data scientist working in-house is $94,000. 

Data science projects don’t require unique proprietary data: If your case and data are not unique, then consultants probably worked with similar data before. Their experience can help accelerate your projects faster.

Data set does not contain sensitive information: Companies must be careful before sharing data with third parties due to data privacy regulations. Methods such as synthetic data generation and data masking can help companies make their data ready for sharing.

Your company needs guidance on identifying the business aspects of data science projects: This is why consulting firms are still popular. Most companies are specialized in the market, and their knowledge of strategy and implementation of projects is limited. Consultants help identify business processes where data science projects can be implemented.

For more information on model development approaches, please check our guide on the ideal way to build AI projects.

Data Science Consulting Industry

The industry players can be categorized into four types. These are

MBB,

Historical Tech Companies,

Start-ups,

Big-Data-Big-Companies

For more on specific industry players, you can check our article on AI consulting landscape.

3 Factors to Consider When Choosing a Data Science Consultant

3 criteria can help choose the right data consulting partner:

Experience

Analytics knowledge

Duration of service they offer

Here are the questions you should be asking:

Do they have enough domain and field experience?

It is important to see that the consultants experienced a project in a similar setting. This shows that the consultant can put meaningful insight and knows the practices in the specific industry. Organizations need to examine consultants’ previous projects to see that they have expertise in the following approaches:

Technical

Process-specific

Industry-specific

Do they have analytics translators on the team?

A data scientist’s technical capabilities are important for consultants as long as they can turn insights into actionable decisions. Analytics translators work with the data science team and combine their findings with the business domain expertise to create actionable decisions. 

Translators should be able to interpret and translate analytics insights into business benefits and guide the analytics work. These consultants should have domain knowledge, technical fluency, project management skills, and an entrepreneurial spirit to achieve this goal.

Can they provide a long-term plan?

You need to make sure that the consultant’s plan is viable and can be upgraded regularly. Data science is a field experiencing constant improvement, so it would be important to see its potential. Think about it as a long-term investment, you may need consulting again, and updates so make sure they can provide the greater planning horizon.

Salaries of data science consultants

Salaries of data science consultants vary based on experience and location. According to Neuvoo, these are the average data science consultant salaries by country. The top and bottom end of the ranges can help you understand how experience impacts salary:

CountryMedian Salary (per year)Lowest Salary (per year)Highest Salary (per year) United States$122,850$50,000$183,300 United Kingdom£65,000£21,100£90,000 Germany€80,000€27,384€95,000 France€31,992 €20,640€62,740 India₹ 1,287,500₹ 216,000₹ 1,750,000

If you have access to data which you would like to use to build a machine learning model:

If you are looking for a consultant for your data science project, feel free to check our regularly updated list of data science consultants or our list of AI consultants. We can also help you find data science consultants even if you haven’t identified your machine learning problem yet:

Cem regularly speaks at international technology conferences. He graduated from Bogazici University as a computer engineer and holds an MBA from Columbia Business School.

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Top Data Science Salaries In May 2023

Coronavirus has led to a very different working world than anything we have ever known. However, on the better part, the tech jobs are blooming as gloriously as May arrived, waiting to be picked. As noted by Digital Trends, tech jobs, especially

Bayer

Bayer is a Life Science company with a more than 150-year history and core competencies in the areas of health care and agriculture. With its innovative products, the company is contributing to finding solutions to some of the major challenges of the current time. Bayer is operating at the edge of innovation in healthcare, agriculture, and nutrition. Average Salary: US$113,000 Salary Range: US$74,000 – US$129,000  

Honeywell

Honeywell is a Fortune 100 company that invents and manufactures technologies to address tough challenges linked to global macrotrends such as safety, security, and energy. With approximately 110,000 employees worldwide, including more than 19,000 engineers and scientists, the company has an unrelenting focus on quality, delivery, value, and technology in everything it makes and does. Average Salary: US$92,046 Salary Range: US$68,000 – US$76,000  

Apple

Apple Inc. designs, manufactures, and markets personal computers and related personal computing and mobile communication devices along with a variety of related software, services, peripherals, and networking solutions, noted Bloomberg. Apple sells its products worldwide through its online stores, its retail stores, its direct sales force, third-party wholesalers, and resellers. Average Salary: US$100,000 Salary Range: US$140,000 – US$158,000  

TrueAccord

TrueAccord is transforming the debt collection industry and helping consumers reach financial health. Its mission is to reinvent debt collection. By delivering a great user experience, the company empowers consumers to regain control of their financial future. TrueAccord makes debt collection empathetic and customer-focused. Average Salary: US$130,000 Salary Range: US$87,000 – US$173,000  

Google

Average Salary: US$62,000 Salary Range: US$53,000 – US$94,000  

Zoom

Zoom helps businesses and organizations bring their teams together in a frictionless environment to get more done. It’s an easy, reliable cloud platform for video, phone, content sharing, and chat runs across mobile devices, desktops, telephones, and room systems. The company’s mission is to develop a people-centric cloud service that transforms the real-time collaboration experience and improves the quality and effectiveness of communications forever. Average Salary: US$111,000 Salary Range: US$56,000 – US$120,000  

Jobot

Jobot is disrupting the recruiting and staffing space by using the latest AI technology to match jobs to job seekers; hiring experienced recruiters who believe in providing the best possible service to their clients and candidates; imagining a world where recruiters actually care about clients and candidates; and leveraging JAX, our proprietary recruiting platform to expedite and enrich the hiring process. Average Salary: US $77,000 Salary Range: US$60,000 – US$85,000  

MathWorks

MathWorks is the leading developer of mathematical computing software. Engineers and scientists worldwide rely on its products to accelerate the pace of discovery, innovation, and development. MATLAB by MathWorks is the language of technical computing, is a programming environment for algorithm development, data analysis, visualization, and numeric computation. Average Salary: US$70,000 Salary Range: US$54,000 – US$91,000  

Snowflake

Snowflake’s mission is to enable every organization to be data-driven. Its cloud-built data platform makes that possible by delivering instant elasticity, secure data sharing, and per-second pricing, across multiple clouds. Snowflake combines the power of data warehousing, the flexibility of big data platforms, and the elasticity of the cloud at a fraction of the cost of traditional solutions. Average Salary: US$130,525 Salary Range: US$116,000 – US$205,000  

Conch Technologies, Inc

Conch teams work with customers to provide an array of services, which help them to drive their immediate goals and achieve long term vision. The company’s customers range from Fortune 1000 Clients to recent startups, who are providing cutting edge technology products and top-notch services. Conch’s Enterprise Service Delivery model allows the customer to increase ROI on their IT budgets. It is accrued in the form of – minimized execution times, improved quality of products, downward trending failure rates, and improve forecasting. Average Salary: US$79,000 Salary Range: US$43,000 – US$90,000  

End To End Statistics For Data Science

Statistics is a type of mathematical analysis that employs quantified models and representations to analyse a set of experimental data or real-world studies. The main benefit of statistics is that information is presented in an easy-to-understand format.

Data processing is the most important aspect of any Data Science plan. When we speak about gaining insights from data, we’re basically talking about exploring the chances. In Data Science, these possibilities are referred to as Statistical Analysis.

Most of us are baffled as to how Machine Learning models can analyse data in the form of text, photos, videos, and other extremely unstructured formats. But the truth is that we translate that data into a numerical form that isn’t exactly our data, but it’s close enough. As a result, we’ve arrived at a crucial part of Data Science.

Data in numerical format gives us an infinite number of ways to understand the information it contains. Statistics serves as a tool for deciphering and processing data in order to achieve successful outcomes. Statistics’ strength is not limited to comprehending data; it also includes methods for evaluating the success of our insights, generating multiple approaches to the same problem, and determining the best mathematical solution for your data.

Table of Contents

· Importance of Statistics

· Type of Analytics

· Probability

· Properties of Statistics

· Central Tendency

· Variability

· Relationship Between Variables

· Probability Distribution

· Hypothesis Testing and Statistical Significance

· Regression

Importance of Statistics

1) Using various statistical tests, determine the relevance of features.

2) To avoid the risk of duplicate features, find the relationship between features.

3) Putting the features into the proper format.

4) Data normalization and scaling This step also entails determining the distribution of data as well as the nature of data.

5) Taking the data for further processing and making the necessary modifications.

6) Determine the best mathematical approach/model after processing the data.

7) After the data are acquired, they are checked against the various accuracy measuring scales.

Acknowledge the Different Types of Analytics in Statistics

 

1. Descriptive Analytics – What happened?

It tells us what happened in the past and helps businesses understand how they are performing by providing context to help stakeholders interpret data.

Descriptive analytics should serve as a starting point for all organizations. This type of analytics is used to answer the fundamental question “what happened?” by analyzing data, which is often historical.

It examines past events and attempts to identify specific patterns within the data. When people talk about traditional business intelligence, they’re usually referring to Descriptive Analytics.

Pie charts, bar charts, tables, and line graphs are common visualizations for Description Analytics.

This is the level at which you should begin your analytics journey because it serves as the foundation for the other three tiers. To move forward with your analytics, you must first determine what happened.

Consider some sales use cases to gain a better understanding of this. For instance, how many sales occurred in the previous quarter? Was it an increase or a decrease?

2. Diagnostic Analytics – Why did it happen?

It goes beyond descriptive data to assist you in comprehending why something occurred in the past.

This is the second step because you want to first understand what occurred to work out why it occurred. Typically, once an organisation has achieved descriptive insights, diagnostics will be applied with a bit more effort.

3. Predictive Analytics – What is likely to happen?

It forecasts what is likely to happen in the future and provides businesses with data-driven actionable insights.

The transition from Predictive Analytics to Diagnostics Analytics is critical. multivariate analysis, forecasting, multivariate statistics, pattern matching, predictive modelling, and forecasting are all a part of predictive analytics.

These techniques are more difficult for organisations to implement because they necessitate large amounts of high-quality data. Furthermore, these techniques necessitate a thorough understanding of statistics as well as programming languages such as R and Python.

Many organisations may lack the internal expertise required to effectively implement a predictive model.

So, why should any organisation bother with it? Although it can be difficult to achieve, the value that Predictive Analytics can provide is enormous.

A Predictive Model, for example, will use historical data to predict the impact of the next marketing campaign on customer engagement.

If a company can accurately identify which action resulted in a specific outcome, it can predict which actions will result in the desired outcome. These types of insights are useful in the next stage of analytics.

4. Prescriptive Analytics – What should be done?

It makes recommendations for actions that will capitalise on the predictions and guide the potential actions toward a solution.

Prescriptive Analytics is an analytics method that analyses data to answer the question “What should be done?”

Techniques used in this type of analytics include graph analysis, simulation, complex event processing, neural networks, recommendation engines, heuristics, and machine learning.

This is the toughest level to reach. The accuracy of the three levels of the analytics below has a significant impact on the dependability of Prescriptive Analytics. The techniques required to obtain an effective response from a prescriptive analysis are determined by how well an organisation has completed each level of analytics.

Considering the quality of data required, the appropriate data architecture to facilitate it, and the expertise required to implement this architecture, this is not an easy task.

Its value is that it allows an organisation to make decisions based on highly analysed facts rather than instinct. That is, they are more likely to achieve the desired outcome, such as increased revenue.

Once again, a use case for this type of analytics in marketing would be to assist marketers in determining the best mix of channel engagement. For instance, which segment is best reached via email?

Probability

In a Random Experiment, the probability is a measure of the likelihood that an event will occur. The number of favorable outcomes in an experiment with n outcomes is denoted by x. The following is the formula for calculating the probability of an event.

Probability (Event) = Favourable Outcomes/Total Outcomes = x/n

Let’s look at a simple application to better understand probability. If we need to know if it’s raining or not. There are two possible answers to this question: “Yes” or “No.” It is possible that it will rain or not rain. In this case, we can make use of probability. The concept of probability is used to forecast the outcomes of coin tosses, dice rolls, and card draws from a deck of playing cards.

Properties of Statistics 

· Complement: Ac, the complement of an event A in a sample space S, is the collection of all outcomes in S that are not members of set A. It is equivalent to rejecting any verbal description of event A.

P(A) + P(A’) = 1

· Intersection: The intersection of events is a collection of all outcomes that are components of both sets A and B. It is equivalent to combining descriptions of the two events with the word “and.”

P(A∩B) = P(A)P(B)

· Union: The union of events is the collection of all outcomes that are members of one or both sets A and B. It is equivalent to combining descriptions of the two events with the word “or.”

P(A∪B) = P(A) + P(B) − P(A∩B)

· Mutually Exclusive Events: If events A and B share no elements, they are mutually exclusive. Because A and B have no outcomes in common, it is impossible for both A and B to occur on a single trial of the random experiment. This results in the following rule

P(A∩B) = 0

Any event A and its complement Ac are mutually exclusive if and only if A and B are mutually exclusive, but A and B can be mutually exclusive without being complements.

· Bayes’ Theorem: it is a method for calculating conditional probability. The probability of an event occurring if it is related to one or more other events is known as conditional probability. For example, your chances of finding a parking space are affected by the time of day you park, where you park, and what conventions are taking place at any given time.

Central Tendency in Statistics

1) Mean: The mean (or average) is that the most generally used and well-known measure of central tendency. It will be used with both discrete and continuous data, though it’s most typically used with continuous data (see our styles of Variable guide for data types). The mean is adequate the sum of all the values within the data set divided by the number of values within the data set. So, if we have n values in a data set and they have values x1,x2, …,xn, the sample mean, usually denoted by “x bar”, is:

2) Median: The median value of a dataset is the value in the middle of the dataset when it is arranged in ascending or descending order. When the dataset has an even number of values, the median value can be calculated by taking the mean of the middle two values.

The following image gives an example for finding the median for odd and even numbers of samples in the dataset.

3) Mode: The mode is the value that appears the most frequently in your data set. The mode is the highest bar in a bar chart. A multimodal distribution exists when the data contains multiple values that are tied for the most frequently occurring. If no value repeats, the data does not have a mode.

4) Skewness: Skewness is a metric for symmetry, or more specifically, the lack of it. If a distribution, or data collection, looks the same to the left and right of the centre point, it is said to be symmetric.

5) Kurtosis: Kurtosis is a measure of how heavy-tailed or light-tailed the data are in comparison to a normal distribution. Data sets having a high kurtosis are more likely to contain heavy tails or outliers. Light tails or a lack of outliers are common in data sets with low kurtosis.

Variability in Statistics

Range: In statistics, the range is the smallest of all dispersion measures. It is the difference between the distribution’s two extreme conclusions. In other words, the range is the difference between the distribution’s maximum and minimum observations.

Range = Xmax – Xmin

Where Xmax represents the largest observation and Xmin represents the smallest observation of the variable values.

Percentiles, Quartiles and Interquartile Range (IQR)

· Percentiles — It is a statistician’s unit of measurement that indicates the value below which a given percentage of observations in a group of observations fall.

For instance, the value QX represents the 40th percentile of XX (0.40)

· Quantiles— Values that divide the number of data points into four more or less equal parts, or quarters. Quantiles are the 0th, 25th, 50th, 75th, and 100th percentile values or the 0th, 25th, 50th, 75th, and 100th percentile values.

· Interquartile Range (IQR)— The difference between the third and first quartiles is defined by the interquartile range. The partitioned values that divide the entire series into four equal parts are known as quartiles. So, there are three quartiles. The first quartile, known as the lower quartile, is denoted by Q1, the second quartile by Q2, and the third quartile by Q3, known as the upper quartile. As a result, the interquartile range equals the upper quartile minus the lower quartile.

IQR = Upper Quartile – Lower Quartile

= Q3 − Q1

· Variance: The dispersion of a data collection is measured by variance. It is defined technically as the average of squared deviations from the mean.

· Standard Deviation: The standard deviation is a measure of data dispersion WITHIN a single sample selected from the study population. The square root of the variance is used to compute it. It simply indicates how distant the individual values in a sample are from the mean. To put it another way, how dispersed is the data from the sample? As a result, it is a sample statistic.

· Standard Error (SE): The standard error indicates how close the mean of any given sample from that population is to the true population mean. When the standard error rises, implying that the means are more dispersed, it becomes more likely that any given mean is an inaccurate representation of the true population mean. When the sample size is increased, the standard error decreases – as the sample size approaches the true population size, the sample means cluster more and more around the true population mean.

Relationship Between Variables

· Causality: The term “causation” refers to a relationship between two events in which one is influenced by the other. There is causality in statistics when the value of one event, or variable, grows or decreases as a result of other events.

Each of the events we just observed may be thought of as a variable, and as the number of hours worked grows, so does the amount of money earned. On the other hand, if you work fewer hours, you will earn less money.

· Covariance: Covariance is a measure of the relationship between two random variables in mathematics and statistics. The statistic assesses how much – and how far – the variables change in tandem. To put it another way, it’s a measure of the variance between two variables. The metric, on the other hand, does not consider the interdependence of factors. Any positive or negative value can be used for the variance.

The following is how the values are interpreted:

· Positive covariance: When two variables move in the same direction, this is called positive covariance.

· Negative covariance indicates that two variables are moving in opposite directions.

· Correlation: Correlation is a statistical method for determining whether or not two quantitative or categorical variables are related. To put it another way, it’s a measure of how things are connected. Correlation analysis is the study of how variables are connected.

Ø Here are a few examples of data with a high correlation:

1) Your calorie consumption and weight.

2) Your eye colour and the eye colours of your relatives.

3) The amount of time you spend studying and your grade point average

Ø Here are some examples of data with poor (or no) correlation:

1) Your sexual preference and the cereal you eat are two factors to consider.

2) The name of a dog and the type of dog biscuit that they prefer.

3) The expense of vehicle washes and the time it takes to get a Coke at the station.

Correlations are useful because they allow you to forecast future behaviour by determining what relationship variables exist. In the social sciences, such as government and healthcare, knowing what the future holds is critical. Budgets and company plans are also based on these facts.

Probability Distributions   Probability Distribution Functions

1) Probability Mass Function (PMF): The probability distribution of a discrete random variable is described by the PMF, which is a statistical term.

The terms PDF and PMF are frequently misunderstood. The PDF is for continuous random variables, whereas the PMF is for discrete random variables. Throwing a dice, for example (you can only choose from 1 to 6 numbers (countable))

2) Probability Density Function (PDF): The probability distribution of a continuous random variable is described by the word PDF, which is a statistical term.

The Gaussian Distribution is the most common distribution used in PDF. If the features / random variables are Gaussian distributed, then the PDF will be as well. Because the single point represents a line that does not span the area under the curve, the probability of a single outcome is always 0 on a PDF graph.

3) Cumulative Density Function (CDF): The cumulative distribution function can be used to describe the continuous or discrete distribution of random variables.

If X is the height of a person chosen at random, then F(x) is the probability of the individual being shorter than x. If F(180 cm)=0.8, then an individual chosen at random has an 80% chance of being shorter than 180 cm (equivalently, a 20 per cent chance that they will be taller than 180cm).

  Continuous Probability Distribution

A coin flip that returns a head or tail has a probability of p = 0.50 and would be represented by a line from the y-axis at 0.50.

2) Normal/Gaussian Distribution: The normal distribution, also known as the Gaussian distribution, is a symmetric probability distribution centred on the mean, indicating that data around the mean occur more frequently than data far from it. The normal distribution will show as a bell curve on a graph.

Points to remember: –

· A probability bell curve is referred to as a normal distribution.

· The mean of a normal distribution is 0 and the standard deviation is 1. It has a kurtosis of 3 and zero skew.

· Although all symmetrical distributions are normal, not all normal distributions are symmetrical.

· Most pricing distributions aren’t totally typical.

3) Exponential Distribution: The exponential distribution is a continuous distribution used to estimate the time it will take for an event to occur. For example, in physics, it is frequently used to calculate radioactive decay, in engineering, it is frequently used to calculate the time required to receive a defective part on an assembly line, and in finance, it is frequently used to calculate the likelihood of a portfolio of financial assets defaulting. It can also be used to estimate the likelihood of a certain number of defaults occurring within a certain time frame.

4) Chi-Square Distribution: A continuous distribution with degrees of freedom is called a chi-square distribution. It’s used to describe a sum of squared random variable’s distribution. It’s also used to determine whether a data distribution’s goodness of fit is good, whether data series are independent, and to estimate confidence intervals around variance and standard deviation for a random variable from a normal distribution. Furthermore, the chi-square distribution is a subset of the gamma distribution.

Discrete Probability Distribution

1) Bernoulli Distribution: A Bernoulli distribution is a discrete probability distribution for a Bernoulli trial, which is a random experiment with just two outcomes (named “Success” or “Failure” in most cases). When flipping a coin, the likelihood of getting ahead (a “success”) is 0.5. “Failure” has a chance of 1 – P. (where p is the probability of success, which also equals 0.5 for a coin toss). For n = 1, it is a particular case of the binomial distribution. In other words, it’s a single-trial binomial distribution (e.g. a single coin toss).

2) Binomial Distribution: A discrete distribution is a binomial distribution. It’s a well-known probability distribution. The model is then used to depict a variety of discrete phenomena seen in business, social science, natural science, and medical research.

Because of its relationship with a binomial distribution, the binomial distribution is commonly employed. For binomial distribution to be used, the following conditions must be met:

1. There are n identical trials in the experiment, with n being a limited number.

2. Each trial has only two possible outcomes, i.e., each trial is a Bernoulli’s trial.

3. One outcome is denoted by the letter S (for success) and the other by the letter F (for failure) (for failure).

4. From trial to trial, the chance of S remains the same. The chance of success is represented by p, and the likelihood of failure is represented by q (where p+q=1).

5. Each trial is conducted independently.

6. The number of successful trials in n trials is the binomial random variable x.

If X reflects the number of successful trials in n trials under the preceding conditions, then x is said to follow a binomial distribution with parameters n and p.

3) Poisson Distribution: A Poisson distribution is a probability distribution used in statistics to show how many times an event is expected to happen over a certain amount of time. To put it another way, it’s a count distribution. Poisson distributions are frequently accustomed comprehend independent events that occur at a gradual rate during a selected timeframe.

The Poisson distribution is a discrete function, which means the variable can only take values from a (possibly endless) list of possibilities. To put it another way, the variable can’t take all of the possible values in any continuous range. The variable can only take the values 0, 1, 2, 3, etc., with no fractions or decimals, in the Poisson distribution (a discrete distribution).

Hypothesis testing may be a method within which an analyst verifies a hypothesis a couple of population parameters. The analyst’s approach is set by the kind of the info and also the purpose of the study. the utilization of sample data to assess the plausibility of a hypothesis is thought of as hypothesis testing.

Null and Alternative Hypothesis Null Hypothesis (H0)

A population parameter (such as the mean, standard deviation, and so on) is equal to a hypothesised value, according to the null hypothesis. The null hypothesis is a claim that is frequently made based on previous research or specialised expertise.

Alternative hypothesis (H1)

The alternative hypothesis says that a population parameter is less, more, or different than the null hypothesis’s hypothesised value. The alternative hypothesis is what you believe or want to prove to be correct.

Type 1 and Type 2 error Type 1 error:

A type 1 error, often referred to as a false positive, happens when a researcher rejects a real null hypothesis incorrectly. this suggests you’re claiming your findings are noteworthy after they actually happened by coincidence.

Your alpha level (), which is that the p-value below which you reject the null hypothesis, represents the likelihood of constructing a sort I error. When rejecting the null hypothesis, a p-value of 0.05 suggests that you simply are willing to tolerate a 5% probability of being mistaken.

By setting p to a lesser value, you’ll lessen your chances of constructing a kind I error.

Type 2 error:

A type II error commonly said as a false negative happens when a researcher fails to reject a null hypothesis that’s actually true. during this case, a researcher finds that there’s no significant influence when, in fact, there is.

Beta () is that the probability of creating a sort II error, and it’s proportional to the statistical test’s power (power = 1- ). By ensuring that your test has enough power, you’ll reduce your chances of constructing a sort II error.

This can be accomplished by ensuring that your sample size is sufficient to spot a practical difference when one exists.

 

Interpretation

P-value: The p-value in statistics is that the likelihood of getting outcomes a minimum of as extreme because the observed results of a statistical hypothesis test, given the null hypothesis is valid. The p-value, instead of rejection points, is employed to work out the smallest amount level of significance at which the null hypothesis is rejected. A lower p-value indicates that the choice hypothesis has more evidence supporting it.

Critical Value: it is a point on the test distribution that is compared to the test statistic to see if the null hypothesis should be rejected. You can declare statistical significance and reject the null hypothesis if the absolute value of your test statistic is larger than the crucial value.

Significance Level and Rejection Region: The probability that an event (such as a statistical test) occurred by chance is the significance level of the occurrence. We call an occurrence significant if the level is very low, i.e., the possibility of it happening by chance is very minimal. The rejection region depends on the importance level. the importance level is denoted by α and is that the probability of rejecting the null hypothesis if it’s true.

Z-Test: The z-test may be a hypothesis test within which the z-statistic is distributed normally. The z-test is best utilized for samples with quite 30 because, in line with the central limit theorem, samples with over 30 samples are assumed to be approximately regularly distributed.

The null and alternative hypotheses, also because the alpha and z-score, should all be reported when doing a z-test. The test statistic should next be calculated, followed by the results and conclusion. A z-statistic, also called a z-score, could be a number that indicates what number of standard deviations a score produced from a z-test is above or below the mean population.

T-Test: A t-test is an inferential statistic that’s won’t see if there’s a major difference within the means of two groups that are related in how. It’s most ordinarily employed when data sets, like those obtained by flipping a coin 100 times, are expected to follow a traditional distribution and have unknown variances. A t-test could be a hypothesis-testing technique that will be accustomed to assess an assumption that’s applicable to a population.

ANOVA (Analysis of Variance): ANOVA is the way to find out if experimental results are significant. One-way ANOVA compares two means from two independent groups using only one independent variable. Two-way ANOVA is the extension of one-way ANOVA using two independent variables to calculate the main effect and interaction effect.

Chi-Square Test: it is a test that assesses how well a model matches actual data. A chi-square statistic requires data that is random, raw, mutually exclusive, collected from independent variables, and drawn from a large enough sample. The outcomes of a fair coin flip, for example, meet these conditions.

In hypothesis testing, chi-square tests are frequently utilised. Given the size of the sample and the number of variables in the relationship, the chi-square statistic examines the size of any disparities between the expected and actual results.

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End Notes

Thank you for following with me all the way to the end. By the end of this article, we should have a good understanding of Complete Statistics for Data Science.

I hope you found this article useful. Please feel free to distribute it to your peers.

Hello, I’m Gunjan Agarwal from Gurugram, and I earned a Master’s Degree in Data Science from Amity University in Gurgaon. I enthusiastically participate in Data Science hackathons, blogathons, and workshops.

I’d like to connect with you on Linkedin. Mail me here for any queries.

The media shown in this article is not owned by Analytics Vidhya and are used at the Author’s discretion

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Must Known Data Visualization Techniques For Data Science

This article was published as a part of the Data Science Blogathon

Introduction

In applied Statistics and Machine Learning, Data Visualization is one of the most important skills.

Data visualization provides an important suite of tools for identifying a qualitative understanding. This can be helpful when we try to explore the dataset and extract some information to know about a dataset and can help with identifying patterns, corrupt data, outliers, and much more.

If we have a little domain knowledge, then data visualizations can be used to express and identify key relationships in plots and charts that are more helpful to yourself and stakeholders than measures of association or significance.

In this article, we will be discussing some of the basic charts or plots that you can use to better understand and visualize your data.

Table of Contents

1. What is Data Visualization?

2. Benefits of Good Data Visualization

3. Different Types of Analysis for Data Visualization

4. Univariate Analysis Techniques for Data Visualization

Distribution Plot

Box and Whisker Plot

Violin Plot

5. Bivariate Analysis Techniques for Data Visualization

Line Plot

Bar Plot

Scatter Plot

What is Data Visualization?

Data visualization is defined as a graphical representation that contains the information and the data.

By using visual elements like charts, graphs, and maps, data visualization techniques provide an accessible way to see and understand trends, outliers, and patterns in data.

In modern days we have a lot of data in our hands i.e, in the world of Big Data, data visualization tools, and technologies are crucial to analyze massive amounts of information and make data-driven decisions.

It is used in many areas such as:

To model complex events.

Visualize phenomenons that cannot be observed directly, such as weather patterns, medical conditions, or mathematical relationships.

Benefits of Good Data Visualization

So, Data visualization is another technique of visual art that grabs our interest and keeps our main focus on the message captured with the help of eyes.

Whenever we visualize a chart, we quickly identify the trends and outliers present in the dataset.

The basic uses of the Data Visualization technique are as follows:

It is a powerful technique to explore the data with presentable and interpretable results.

In the data mining process, it acts as a primary step in the pre-processing portion.

It supports the data cleaning process by finding incorrect data and corrupted or missing values.

It also helps to construct and select variables, which means we have to determine which variable to include and discard in the analysis.

In the process of Data Reduction, it also plays a crucial role while combining the categories.

                                                      Image Source: Google Images

Different Types of Analysis for Data Visualization

Mainly, there are three different types of analysis for Data Visualization:

Univariate Analysis: In the univariate analysis, we will be using a single feature to analyze almost all of its properties.

Bivariate Analysis: When we compare the data between exactly 2 features then it is known as bivariate analysis.

Multivariate Analysis: In the multivariate analysis, we will be comparing more than 2 variables.

NOTE:

In this article, our main goal is to understand the following concepts:

How do find some inferences from the data visualization techniques?

In which condition, which technique is more useful than others?

We are not going to deep dive into the coding/implementation part of different techniques on a particular dataset but we try to find the answer to the above questions and understand only the snippet code with the help of sample plots for each of the data visualization techniques.

Now, let’s started with the different Data Visualization techniques:

 

Univariate Analysis Techniques for Data Visualization 1. Distribution Plot

It is one of the best univariate plots to know about the distribution of data.

When we want to analyze the impact on the target variable(output) with respect to an independent variable(input), we use distribution plots a lot.

This plot gives us a combination of both probability density functions(pdf) and histogram in a single plot.

Implementation:

The distribution plot is present in the Seaborn package.

The code snippet is as follows:

Python Code:



Some conclusions inferred from the above distribution plot:

From the above distribution plot we can conclude the following observations:

We have observed that we created a distribution plot on the feature ‘Age’(input variable) and we used different colors for the Survival status(output variable) as it is the class to be predicted.

There is a huge overlapping area between the PDFs for different combinations.

In this plot, the sharp block-like structures are called histograms, and the smoothed curve is known as the Probability density function(PDF).

NOTE: 

The Probability density function(PDF) of a curve can help us to capture the underlying distribution of that feature which is one major takeaway from Data visualization or Exploratory Data Analysis(EDA).

2. Box and Whisker Plot

This plot can be used to obtain more statistical details about the data.

The straight lines at the maximum and minimum are also called whiskers.

Points that lie outside the whiskers will be considered as an outlier.

The box plot also gives us a description of the 25th, 50th,75th quartiles.

With the help of a box plot, we can also determine the Interquartile range(IQR) where maximum details of the data will be present. Therefore, it can also give us a clear idea about the outliers in the dataset.

Fig. General Diagram for a Box-plot

Implementation:

Boxplot is available in the Seaborn library.

Here x is considered as the dependent variable and y is considered as the independent variable. These box plots come under univariate analysis, which means that we are exploring data only with one variable.

Here we are trying to check the impact of a feature named “axil_nodes” on the class named “Survival status” and not between any two independent features.

The code snippet is as follows:

sns.boxplot(x='SurvStat',y='axil_nodes',data=hb)

Some conclusions inferred from the above box plot:

From the above box and whisker plot we can conclude the following observations:

How much data is present in the 1st quartile and how many points are outliers etc.

For class 1, we can see that it is very little or no data is present between the median and the 1st quartile.

There are more outliers for class 1 in the feature named axil_nodes.

NOTE:

We can get details about outliers that will help us to well prepare the data before feeding it to a model since outliers influence a lot of Machine learning models.

3. Violin Plot

The violin plots can be considered as a combination of Box plot at the middle and distribution plots(Kernel Density Estimation) on both sides of the data.

This can give us the description of the distribution of the dataset like whether the distribution is multimodal, Skewness, etc.

It also gives us useful information like a 95% confidence interval.

Fig. General Diagram for a Violin-plot

Implementation:

The Violin plot is present in the Seaborn package.

The code snippet is as follows:

sns.violinplot(x='SurvStat',y='op_yr',data=hb,size=6)

Some conclusions inferred from the above violin plot:

From the above violin plot we can conclude the following observations:

The median of both classes is close to 63.

The maximum number of persons with class 2 has an op_yr value of 65 whereas, for persons in class1, the maximum value is around 60.

Also, the 3rd quartile to median has a lesser number of data points than the median to the 1st quartile.

Bivariate Analysis Techniques for Data Visualization 1. Line Plot

This is the plot that you can see in the nook and corners of any sort of analysis between 2 variables.

The line plots are nothing but the values on a series of data points will be connected with straight lines.

The plot may seem very simple but it has more applications not only in machine learning but in many other areas.

Implementation:

The line plot is present in the Matplotlib package.

The code snippet is as follows:

plt.plot(x,y)

Some conclusions inferred from the above line plot:

From the above line plot we can conclude the following observations:

These are used right from performing distribution Comparison using Q-Q plots to CV tuning using the elbow method.

Used to analyze the performance of a model using the ROC- AUC curve.

2. Bar Plot

This is one of the widely used plots, that we would have seen multiple times not just in data analysis, but we use this plot also wherever there is a trend analysis in many fields.

Though it may seem simple it is powerful in analyzing data like sales figures every week, revenue from a product, Number of visitors to a site on each day of a week, etc.

Implementation:

The bar plot is present in the Matplotlib package.

The code snippet is as follows:

plt.bar(x,y)

Some conclusions inferred from the above bar plot:

From the above bar plot we can conclude the following observations:

We can visualize the data in a cool plot and can convey the details straight forward to others.

This plot may be simple and clear but it’s not much frequently used in Data science applications.

3. Scatter Plot

It is one of the most commonly used plots used for visualizing simple data in Machine learning and Data Science.

This plot describes us as a representation, where each point in the entire dataset is present with respect to any 2 to 3 features(Columns).

Scatter plots are available in both 2-D as well as in 3-D. The 2-D scatter plot is the common one, where we will primarily try to find the patterns, clusters, and separability of the data.

Implementation:

The scatter plot is present in the Matplotlib package.

The code snippet is as follows:

plt.scatter(x,y)

Some conclusions inferred from the above Scatter plot:

From the above Scatter plot we can conclude the following observations:

The colors are assigned to different data points based on how they were present in the dataset i.e, target column representation. 

We can color the data points as per their class label given in the dataset.

This completes today’s discussion!

Endnotes

Thanks for reading!

I hope you enjoyed the article and increased your knowledge about Data Visualization Techniques.

Please feel free to contact me on Email ([email protected])

For the remaining articles, refer to the link.

About the Author Aashi Goyal

Currently, I am pursuing my Bachelor of Technology (B.Tech) in Electronics and Communication Engineering from Guru Jambheshwar University(GJU), Hisar. I am very enthusiastic about Statistics, Machine Learning and Deep Learning.

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