statistical-modeling

Vocabulary Word

Definition

Statistical modeling is a bit like doing a science experiment, but with numbers and data. It's creating a mathematical representation to understand or predict real-life events, relationships or behaviors.

Examples in Different Contexts

In economics, statistical modeling is used to analyze economic data and predict future trends based on historical data. An economist might say, 'Statistical modeling helps us forecast economic growth, inflation rates, and the impact of fiscal policies on the economy.'

Practice Scenarios

Academics

Scenario:

Our current research on academic performance appears to show a link with students' stress levels. We need to understand and analyze this relationship further.

Response:

Let's use statistical modeling to quantify this relationship between stress levels and academic performance.

Business

Scenario:

We need to predict our future sales to plan our budget. We should derive insights from last year's sales figures.

Response:

That's a great plan. Let's use statistical modeling to predict our sales based on last year's data.