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## Fundamental Concepts of Statistics for Data Science Beginners- Part One

Do you aspire to be a data scientist? Then is it essential that you have a solid understanding of the core concepts of statistics. Everyone doesn’t have a Ph.D. in Statistics. And that isn’t the only way to excel in the field of data science. But yes, knowing stats well is a prerequisite for data science.

Nowadays, popularly used libraries, like Tesorflow, liberate the user from the intricacies of complex mathematics. Still, it is advisable to be familiar with the fundamental principles on which they work, because that will enable you to use the libraries better.

In this blog, we attempt to shed light on some basic concepts, theorems and equations of statistics for data science.

#### Statistical Distributions:

Statistical distributions are important tools that you must arm yourself with to be a skilled data scientist. Here, we shall talk about two important distributions, namely Poisson distribution and Binomial distribution.

Poisson distribution:
This distribution is used to find out the number of events that are expected to occur during an interval of time. For example, the number of page views in one second, the number of phone calls in a particular period of time, number of sales per hour, etc.

The symbols used in the equation are:

x: exact number of successes

e: constant equal to 2.71828 approximately

λ: average number of successes per time interval

Poisson distribution is used for calculating losses in manufacturing. Let us consider that a machine generates metal sheets that have ‘x’ flaws per yard. Suppose the error rate is 2 per yard of sheet (λ). Applying this information to Poisson distribution, we can calculate the probability of having exactly two errors in a yard.

Source: Brilliant.org

Poisson distribution is used for faster detection of anomalies.

Binomial distribution:

This is a very common distribution in Statistics. Suppose you have flipped a coin thrice. Using basic combinatorics for flipping a coin thrice, we see that there are eight combinations possible. We find out the probabilities of getting 0, 1, 2 or 3 heads and plot this on a graph. This gives us the binomial distribution for this particular problem. It must be remembered that Binomial distribution curve is similar to a Normal distribution Curve. Normal distribution is used when values are continuous and Binomial distribution is used for discrete values.

Source: mathnstuff.com

Binomial distribution is a discrete probability distribution where number of trials is predetermined and there are two possible outcomes– success and failure, win or lose, gain or loss. Depending on a few conditions, like the total number of trails is large, the probability of success is near 1 and the probability of failure is near 0, the trails are independent and identical, etc., the binomial distribution is approximated to a normal distribution.

Source: MathBitsNotebook

Binomial distribution has many applications in business. For example, it is estimated that 5% of tax returns for individuals with high net worth in USA is fraudulent. These frauds might be uncovered through audits. Binomial distribution is used to find out for ‘n’ number of tax returns that are audited, what is the probability for say 5 fraudulent returns to be uncovered.

There are some more probability distributions, like Bernoulli and Geometric distributions. We shall cover that and more in the following blogs. So, stay tuned and follow DexLab Analytics. The experts here offer top-quality data science courses in Delhi. Go through the data science certification details right now!

#### References:

anomaly.io/anomaly-detection-poisson-distribution

analyticsvidhya.com/blog/2017/09/6-probability-distributions-data-science

## The Big Data Driven Future of Fashion: How Data Influences Fashion

Big Data is revolutionizing every industry, including fashion. The nuanced notion of big data is altering the ways designers create and market their clothing. It’s not only aiding designers in understanding customer preferences but also helps them market their products well. Hadoop BI is one of the potent tools of technology that provides a wide pool of information for designers to design range of products that will sell.

#### How Does the Mechanism Work?

Large sets of data help draw patterns and obviously trends play a crucial role across the fashion industry. In terms of nature, fashion and trends both are social. Irrespective of the nature of data, structured or unstructured, framing trends and patterns in the fashion industry leads to emerging ideas, strategies, shapes and styles, all of which ushers you into bright and blooming future of fashion.

#### What Colors To Choose For Your Line?

KYC (Know Your Customer) is the key here too. A fashion house must know which colors are doing rounds amongst the customers. Big data tells a lot about which color is being popular among the customers, and based on that, you can change your offerings subject to trend, style picks and customer preferences.

#### Men’s or Women’s Clothing: Which to Choose?

Deciding between men’s or women fashion is a pivotal point for any designer. Keep in mind, target demographic for each designer is different, and they should know who will be their prospective customers and who doesn’t run a chance.

Big data tool derive insights regarding when customers will make purchases, how large will be the quantity and how many items are they going to buy. Choosing between men’s and women’s fashion could make all the difference in the world.

Arm yourself with business analyst training courses in Gurgaon; it’s high time to be data-friendly.

#### Transforming Runway Fashion into Retail Merchandise

Launching a brand in the eyes of the public garners a lot of attention, and the designs need to be stellar. But, in reality the fashion that we often see on runways is rarely donned by the ordinary customers; because, the dresses and outfits that are showcased on the ramp are a bit OTT, thus altered before being placed in the stores. So, big data aids in deciphering which attires are going to be successful, and which will fail down the line. So, use the power of big data prudently and reap benefit, unimaginable across the global retail stores.

#### Deciding Pricing of the Product

As soon as the garbs leave the runway, they are tagged with prices, which are then posted inside the stores, after analyzing how much the customers are willing to pay for a particular product. For averaging, big data is a saving grace. Big data easily averages the prices, and decides a single mean price, which seems to be quite justifiable.

However, remember, while pricing, each garments are designed keeping in mind a specified customer range. Attires that are incredibly expensive are sold off to only a selected affluent user base, while the pricing of items that are designed for general public are pegged down. Based on previous years’ data, big data consultants can decide the pricing policy so that there’s something for all.

The world of fashion is changing, and so is the way of functioning. From the perspective of fashion house owner, collect as much data as possible of customers and expand your offerings. Big data analytics is here to help you operate your business and modify product lines that appeals to the customers in future.

And from the perspective of a student, to harness maximum benefits from data, enroll in a data analyst course in Gurgaon. Ask the consultants of DexLab Analytics for more deets.

The article has been sourced from

channels.theinnovationenterprise.com/articles/8230-big-data-hits-the-runway-how-big-data-is-changing-the-fashion-industry

iamwire.com/2017/01/big-data-fashion-industry/147935

bbntimes.com/en/technology/big-data-is-stepping-into-the-fashion-world

## Aspiring Data Analysts Must Know the Answer to These Interview Questions

You have recently completed Data analyst certification and are hunting vigorously for a job as a data scientist. But the prospect of sitting for such an important job role at a corporate firm in front of a room full of C-suite interviewers is an intimidating prospect. But fear not as we at DexLab Analytics have got you covered both inside the class room as well out.

This megatrend on Big Data analysts started first in 2013, when the leading universities of the world began to realize the gap in between the demand and supply of Big Data professionals. And soon several , Data analyst training institutes cropped up here and there and rooms transformed into classrooms with several students being keen to learn about the steps to handle Big Data  and to join the ranks of data scientists which is a highly sought after profession of these days. Continue reading “Aspiring Data Analysts Must Know the Answer to These Interview Questions”

## Quantitative Analysis 1 – Five Number Summary

To be a successful analyst or be a part of great analytics team, there are 3 important dimensions one would aspire to be or have. They are technical, business and tools. Hence, we would begin with one of the sub dimension of the technical skills, i.e. being quantified self or developing quantitative skills.

As per the Informs, the definition of Analytics shall be:

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