Understanding Benford's Law and its Application with Python

Introduction: Benford’s Law, also known as the First-Digit Law, is a statistical phenomenon that describes the frequency distribution of digits in many real-life datasets. It states that in certain naturally occurring sets of numerical data, the leading digits are not uniformly distributed, but instead, the digit “1” appears more frequently as the first digit, followed by a decreasing frequency for each subsequent digit. Benford’s Law has found applications in various fields, such as forensic accounting, fraud detection, and data analysis....

22 May 2023 · 2 min · 347 words · Erkan Malcok