Most of us know that theoretically, there’s a 50-50 chance of getting a “head” from an unbiased coin-toss. There are numerous implementations and simulations done in virtually all programming languages around this age-old ‘riddle’. In this blog, I share a simple but very effective simulation in Excel. Here’s the simulation: As you can see, I’m […]
Tag: statistics
A “Dicey” Experiment
You roll a pair of dice. My task is to predict which numbers will roll (total from both dice). How would I go about it? It’s obviously a probability problem. I want to find the probability of each roll for all possible outcomes. How would I arrange and solve it in Excel? Answer: Quite easily […]
Compare and understand: Spread and Consistency
Imagine you have a product line with an average price of $20, and another product line where the average is $100. Which has more spread? Imagine you have 3 players whose bowling scores you have (which are all over the place by the way) and you want to know which player is more consistent? Or, […]
Sample Size in Python
This is part of a 3-part series on the topic. Please read the posts in the order for maximum clarity and context: 1. Sample Size and Margin of Errors. Everything you need to know and ++ 2. Sample Size (Contd.) 3. Sample size in Python (This one) Ok, after reading the first 2 posts, you […]
Sample Size (Contd.)
This is part of a 3-part series on the topic. Please read the posts in the order for maximum clarity and context: 1. Sample Size and Margin of Errors. Everything you need to know and ++ 2. Sample Size (Contd.) 3. Sample Size in Python In this blog, we’ll use actual numbers to determine […]
Sample Size and Margin of Errors. Everything you need to know and ++
I’m not a statistician by profession or training. However, I find it fascinating with even the basics under my belt and find plethora of statistic’s practical usage. Without it, we’re really ignorant. With it, we’re equipped but not always best educated either. I heard the phrase again and again, “Correlation does not equal causation!” and […]