Take a peek at what statistics can do within the expanse of data science. Explore the relationship between sample sets, the quality of predictions and data, and tools that can improve your work.
(uplifting music) - [Instructor] Generally, when we're working with data, we're dealing with a sample from a larger population. It might be impractical to try and analyze the tens of thousands of students taking this course, so a statistician would likely take a representative sample, maybe a few thousand students, for analysis. This is actually the key concept to understand about statistics. A statistic is a measurement based on a sample that approximates a parameter of the full population. - Understanding the requirements and challenges of collecting a simple random sample not only helps us in data collection, it also helps us question the validity of reports based on data collection by others. By understanding small sample sizes, population comparisons, ANOVA, chi-square, and regression, you'll have the power to investigate, discover, and better understand the world around you. - [Instructor] Statistics is the science of learning from data. And today we have so much data that we need to use computers to make sense of it. What is exciting is that by using computers for statistics, we can often avoid the complex mathematics of textbook statistical methods, and replace them with straightforward, brute force computation. - Organizations usually get really excited about the idea of predictive analytics. So much so, that they don't always put enough time into developing their data science teams. They want to go straight to predictions without understanding their data. When you're working on the data science team, be sure to communicate that the quality of the predictions depends on how well the team has analyzed the data. Your team has to better understand the past to be able to predict the future. Don't shortchange your analysis. Ask good questions of your data and use your statistical tools to create interesting reports. Once you do that, your predictions of the future are far more likely to be accurate. (uplifting music)