Statistical Bias Vs. Consistency – Random Error Vs. Systematic Error

• July 2, 2018
• Pascal Schmidt

In this blog post, we will talk about statistical bias vs. consistency and about randomdom error vs. systematic error. After that we will provide examples about unbiased and consistent, biased and consistent, unbiased but inconsistent, and biased but inconsistent estimators. These concepts are often ver confusing at first. Therefore, it definitely takes some time to understand and grasp the different… Read More

The Tidyverse Packages – R for Data Science Book Review

• June 18, 2018
• Pascal Schmidt

I recently got my first internship in Data Science and I am learning a ton. I am getting exposed to so many new things every single day. Sure, I have been to university for about three years as a Statistics major. So, maybe I knew a lot already. However, the amount I have learned so far at my internship greatly… Read More

How to Become a Great Data Scientist? – John Sonmez Blogging Course

• June 9, 2018
• Pascal Schmidt

As a Data Scientist who is just starting out in the industry, I was asking myself how I could improve my data science skills. So, I dug through the internet and came across Udemy, Coursera, and Data Camp. Certainly, great resources. However, would these courses make me the ultimate Data Scientist? 😊 My Path to Creating a Blog With The… Read More

Why I switched from an Economics Major to a Statistics Major

• May 21, 2018
• Pascal Schmidt

Economics is a fascinating study and should, in theory, be used in order to improve a country’s economy. As a former Economics major, I really liked this idea and wanted to be a part of that. However, as I progressed more and more into my major, I learned about models that were admittedly wrong, but still used for our study…. Read More

Creating a Wordcloud with the Twitter Api in R Studio

• May 14, 2018
• Pascal Schmidt

In this blog post, we are going to show you how you can easily create a twitter wordcloud.   Connecting with the Twitter API In order to get data from twitter into R, we need the API key, the API secret, the Access token and the Access token secret. So first, sign up for a twitter account if you haven’t… Read More

The Lasso – R Tutorial (Part 3)

• May 7, 2018
• Pascal Schmidt

This is the third part of our regression series. Check out parts one and two. In this blog post, we are going to implement the Lasso. The Lasso is a shrinkage method that biases the estimates but reduces variance. For the data set that we used in part one and two, we had some multicollinearity problems with our predictors. This… Read More

Multiple Linear Regression Model Building – R Tutorial (Part 2)

• April 30, 2018
• Pascal Schmidt

After we prepared our data and checked all the necessary assumptions to build a successful regression model in part one, in this blog post we are going to build and select the “best” model. Read More

Assumption Checking for Multiple Linear Regression – R Tutorial (Part 1)

• April 23, 2018
• Pascal Schmidt

In this blog post, we are going through the underlying assumptions of a multiple linear regression model. These assumptions are: Constant Variance (Assumption of Homoscedasticity) Residuals are normally distributed No multicollinearity between predictors (or only very little) Linear relationship between the response variable and the predictors Read More