by Peter Bruce, President & Founder, Statistics.com

Nearly everyone is now familiar with the IHME Covid-19 forecasts (also called the “Murray” model after the lead project investigator at the Institute for…

The Telegraph covered a robotic revolution in the healthcare sector and predicted an increase in robotic systems in hospitals in the coming decade. Insights from…

• Is data governance critical for you?
• Would you want to build a flexible data governance strategy, iteratively realizing the benefits as it evolves?
• Would you have big data oriented programs, generating a vast amount of data?
• Would you want a governance strategy around individual programs or rolled up into some logical grouping?
• Would you want to improve over your existing governance strategy?
• Would you have…

Multicollinearity (Collinearity) is not a new term especially when dealing with multiple regression models. This phenomenon of relationship in between one response variable with the set of predictor variables also include models like classification and regression trees as well as neural networks. Collinearity is infamously famous for inflating the variance of at least one estimated regression coefficient, which can cause the model to predict erroneously and in a business setup it can have an…

Linear Model better known as linear regression is one of the most common and flexible analysis framework to identify relationship between two or more variables. The widely used linear model is represented by drawing the best fit line through a series of data points represented on a scatter plot. 

For any budding business analyst this should be the starting point to understand how model works at the very core of its design.

Selecting the Variables in Deducer…

As per the largest market research firm MarketsandMarkets the speech analytics industry will grow to USD 1.60 billion by 2020 at a Compound Annual Growth Rate (CAGR) of 22% from 2015 to 2020. Today the omnichannel world consists of voice, email, chat, social channels, and surveys, and each channel has its own importance.

Therefore, it becomes inevitable for any customer centric organization to ignore the information that can be glean…

As the world is getting more tech savvy and advancements made in the information technology especially in the healthcare industry has opened areas in data mining and machine learning. Within the area of data mining one technique which has gained a lot of popularity as well as skepticism among the auditors and fraud detectives is Benford’s Law or “The Law of First digit.

In the past some researchers in Canada used the Benford’s Law distribution to detect anomalies within the claims…

Best Subset Regression method can be used to create a best-fitting regression model. This technique of model building helps to identify which predictor (independent) variables should be included in a multiple regression model(MLR).

This method comprises of scrutinizing all of the models created from all possible permutation combination of predictor variables. This technique uses the R Squared value to check for the best model. Considering the level of complexity involved in creating…

A business intelligence platform is used by healthcare organizations to build helpful healthcare applications that assist them in ensuring the provision of quality healthcare to patients. BI platforms help control healthcare costs and provide several benefits to healthcare organizations such as analysis capability, providing information on delivery, and integration. 

Healthcare BI platforms offer a very useful function called financial analytics. The availability of the financial…

Watch out folks - there is a new breed of health analytics firms sprouting like weeds - mining "big data" about you and making broad and bold predictions about your state of health to make workplace decisions.

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"Move out of the way – I am ready to model.” That is the typical sentiment of a Data Science team when given a business…

Business goals are no doubt important, but in an analytic project it makes sense to balance the organization's goals with…

Most Data Scientists like to get their hands dirty with data just as quickly as possible, but it is important to…

Businesses around the world are involved in a multitude of projects at any given time. As Data Scientists come into the business fold, it becomes more important with each passing day to have both parties – “the business” and “the…

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Healthcare Information Management Systems need updates and changes as other industries. Agile Project Management that can be utilized to manage and implement these small or large healthcare informatics projects in small chunks of work. Agile projects deliver value to the hospital/clinic management in frequent small deliveries of product in terms of software updates, addition of new modules, and update of existing modules which can also be called features. We use the traditional Waterfall…

In the era of Big Data, it is getting obvious for the healthcare market to expand its horizons to absorb technologies to achieve greater efficiencies by leveraging the Service Oriented Cloud tools and technologies, which will lower costs for hospitals and deliver higher quality patient care on simultaneous basis, There is a huge influx impulse of healthcare market drivers is generating Big Data every minute.

Once a patient is in some healthcare facility in any condition, we…

In very simple words, the process of predicting the probability of an event using mathematical models is defined as predictive modelling. In different fields there has been a wide-spread application of predictive modelling. This is mainly for the purpose of decision making. Recently, the technological advancements have made it possible for predictive modelling to expands its reach within the healthcare sector.

Making right decisions at the right time is the success…