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Data mining is a very powerful field to perform preliminary analysis of dataset. Data mining borrows techniques and methods from statistics and machine learning. Using those techniques we try to find basic descriptive statistics. Data mining does not get involved with pinning down of underlying trends in data and building ... read more

A weighted price index number measures the change in the prices of a group of commodities when we also take the relative importance of the commodities ( weight) into account. We generally divide weighted indices into two categories; 1) weighted aggregative indices, and 2) weighted average of relatives indices. 1. Weighted Aggregation Price Index ... read more

Statistics is an old discipline and for decades if not centuries humans have been using it to make informed decisions about different kinds of statistical populations. With rise of data science and machine learning, statistics has got even more attention and importance in academia, governments and industry as statistics is ... read more

A statistical measure of average change in a variable or a group of variables with respect to time or space is known as index number. The variable may be the enrolment of staff in an organization, the cost of salaries for staff, prices of a particular commodity or a group ... read more

Data collection is the most important prerequisite of any statistics or machine learning project. Without data you can not proceed with your statistical or machine learning tasks. There can be two possible ways to collect data: a complete enumeration of entire population, called census, which in many cases would be ... read more