What is Alternative Hypothesis (H1)?

Alternative Hypothesis (H1) is a way of referring to the alternative hypothesis in a scientific experiment or business process improvement initiative. While the null hypothesis (H0) in any experiment or research project is that the connection or conclusion suggested by the experiment is false, the alternative hypothesis (H1) is always the assertion that there is a meaningful connection to be … Read more

What is A/B Testing

A/B Testing (also known as split testing or bucket testing) is a method of comparing two versions of a web page or app against each other to determine which one performs better. AB testing is essentially an experiment where two or more variants of a page are shown to users at random, and statistical analysis is used to determine which … Read more

What is 80/20 rule – Pareto rule?

The 80-20 rule (Pareto rule) is a rule of thumb that states that 80% of outcomes can be attributed to 20% of all causes for a given event. In business, the 80-20 is often used to point out that 80% of a company’s revenue is generated by 20% of its total customers. Therefore, the rule is used to help managers … Read more

Artificial Neural Network

What is Neural Network? Definition Artificial Neural network is a system of individual processing units (Neurons) connected usually in a structured manner. It is designed to mimic operation and model the way human brain solves problems. Each individual neural unit has a function which processes the values of all its inputs. The organization and weights of connections determine the output of the … Read more

Machine Learning

Machine learning is a subfield of science, that provides computers with the ability to learn without being explicitly programmed.   The goal of machine learning is to develop learning algorithms, that do the learning automatically without human intervention or assistance, just by being exposed to new data. The machine learning paradigm can be viewed as “programming by example”. This subarea of … Read more

Data Science Definition

A precise Data Science definition is not easy to come up with, but as a rule of thumb, one could say, data science is a field that involves extracting insights and knowledge from data using various statistical and computational methods. Data science involves using methods from the fields of statistics, computer science, and mathematics. The amounts of data available in … Read more