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Statistical Measures
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Range
Formula: Explanation: The range is the difference between the highest and lowest values in the dataset.
Spearman's Rank Correlation Coefficient
Formula: Explanation: Spearman's rank correlation coefficient is a nonparametric measure of rank correlation that assesses how well the relationship between two variables can be described using a monotonic function.
T-Statistic
Formula: Explanation: The t-statistic is used to determine how many standard deviations an observed sample mean is from the population mean when the standard deviation of the population is unknown and the sample size is small.
Mode
Formula: (No formal formula, mode is the most frequent value in the dataset) Explanation: The mode is the value that appears most often in a set of data values.
Correlation Coefficient
Formula: Explanation: The correlation coefficient is a statistical measure that calculates the strength of the relationship between the relative movements of two variables. Values range from -1 to 1.
Standard Deviation
Formula: Explanation: Standard deviation is a measure of the amount of variation or dispersion of a set of values; it is the square root of the variance.
Coefficient of Variation (CV)
Formula: Explanation: The coefficient of variation is a statistical measure of the dispersion of data points in a data series around the mean, expressed as a percentage.
Kurtosis
Formula: Explanation: Kurtosis is a measure of the 'tailedness' of the probability distribution of a real-valued random variable. It indicates the sharpness of the peak of a frequency-distribution curve.
Z-score
Formula: Explanation: The z-score represents the number of standard deviations a data point is from the mean. A z-score tells you how many standard deviations from the mean your value is.
Percentile
Formula: Explanation: The percentile is a measure indicating the value below which a given percentage of observations in a group of observations fall.
Probability Density Function (PDF)
Formula: (Varies depending on the distribution) Explanation: A probability density function is a function that describes the likelihood of a random variable to take on a given value. The area under the curve of a PDF (for a certain interval) represents the probability of the variable falling within that interval.
Mean
Formula: Explanation: The mean is the sum of all the data points divided by the number of data points, representing the average value.
Covariance
Formula: Explanation: Covariance is a measure of the joint variability of two random variables. If the greater values of one variable mainly correspond with the greater values of the other variable, the covariance is positive.
Pearson Correlation Coefficient
Formula: Explanation: The Pearson correlation coefficient is a measure of linear correlation between two sets of data. It is the covariance of the two variables divided by the product of their standard deviations.
Chi-squared Test Statistic
Formula: Explanation: The chi-squared test statistic is used to determine whether there is a significant difference between the expected frequencies and the observed frequencies in one or more categories.
P-value
Formula: (No simple formula, depends on the test statistic distribution) Explanation: The p-value is the probability of obtaining test results at least as extreme as the results actually observed, under the assumption that the null hypothesis is correct.
Variance
Formula: Explanation: Variance measures how spread out the numbers are in a dataset. It's the average of the squared differences from the Mean.
Skewness
Formula: Explanation: Skewness is a measure of the asymmetry of the probability distribution of a real-valued random variable about its mean.
Median
Formula: (No simple formula for median, it is the middle value after sorting the data) Explanation: The median is the middle value in a list of numbers sorted in ascending or descending order. If there's an even number of observations, the median is the average of the two middle numbers.
Interquartile Range (IQR)
Formula: Explanation: The interquartile range is the range between the first quartile (25th percentile) and the third quartile (75th percentile). It is used as a measure of the spread of the middle half of a dataset.
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