Categorical Variable
Key Statistical Concepts
Common Statistical Methods
Regression Analysis
Variables
Basics of Statistics
Supervised Learning Techniques
Understanding Data Relationships through Visuals
Key Statistical Concepts 
Chi-Square Test Tests the association between
categorical variables
...
Common Statistical Methods Chi-Square Test Used to determine if there is a significant association between
categorical variables
...
Regression Analysis Regression analysis is a statistical method used for the estimation of relationships among
variables
...Logistic Regression: Used when the dependent variable is
categorical, logistic regression estimates the probability of a binary outcome
...
Variables In the realm of business analytics, particularly in text analytics, the concept of
variables plays a crucial role in data analysis, interpretation, and decision-making processes
...Qualitative Variables: Also known as
categorical variables, these represent characteristics or qualities that cannot be measured numerically
...
Basics of Statistics
Supervised Learning Techniques Classification Techniques Classification techniques are used when the output
variable is
categorical ...
Understanding Data Relationships through Visuals Understanding these relationships is crucial for several reasons: Informed Decision-Making: Recognizing how
variables interact helps stakeholders make evidence-based decisions
...Bar Charts: Effective for comparing
categorical data and understanding relationships among different groups
...
Statistical Evaluation Techniques techniques help organizations to assess performance, forecast future trends, and understand the relationships between different
variables
...Two-Way ANOVA: Examines the influence of two different
categorical independent variables on one continuous dependent variable
...
Feature Engineering It involves the creation, transformation, and selection of features (
variables) that enhance the performance of predictive models
...Feature Encoding Converts
categorical variables into numerical formats, such as one-hot encoding or label encoding, to make them usable by machine learning algorithms
...
Feature Selection crucial process in the field of business analytics and machine learning that involves selecting a subset of relevant features (
variables, predictors) for use in model construction
...Chi-Squared Test: A statistical test used to determine if there is a significant association between
categorical features and the target variable
...
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