Statistical model

Information

• A statistical model is a mathematical framework used to describe the relationship between a set of variables.
• It allows us to make inferences about the underlying population by analyzing a sample of data.
• Statistical models can be used for a wide range of applications, including forecasting, classification, and regression.
• There are two main types of statistical models: parametric and nonparametric.
• Parametric models assume a specific distribution for the data, such as the normal distribution, and estimate the parameters of that distribution.
• Nonparametric models do not make any assumptions about the distribution of the data and instead rely on flexible functions to approximate the relationship between the variables.
• Commonly used statistical models include linear regression, logistic regression, time series models, and decision trees.
• The choice of a statistical model depends on the research question, the type of data, and the assumptions made about the underlying process.