## Bayesian Average Mean

The Bayesian average is a type of weighted average that incorporates prior knowledge or belief, in addition to the given data. This method is used when the data set is small, or when there is a need to prevent extreme values from skewing the results significantly. In the context of online ratings, for example, the Bayesian average is often used to calculate average ratings in a way that reduces the impact of ratings from users who rate extremely high or low, especially when the total number of ratings is low....

15 Jun 2023 · 4 min · 643 words · Erkan Malcok

## 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

## Structure for Statistical Reports

Since numerous readers may only peruse the Introduction and Discussion sections, it is critical to organize the report in a way that allows them to quickly locate the areas of interest. The Results section can be seen as the crux of the report, while the Methods section is designed to explain how the results were obtained, and the Discussion provides your interpretation of the results. Some writers prefer to begin with the Results section before moving on to the Methods section....

07 May 2023 · 3 min · 557 words · Erkan Malcok

## Probability Theory: Unlocking the World of Chance

In the world of mathematics, probability theory has a significant presence due to its application in myriad disciplines, from computer science to quantum physics, finance, and beyond. By the end of this blog post, you will appreciate and understand several critical aspects of probability theory, including how it is represented, calculated, and interpreted. Probability: A Measure of Uncertainty Let’s first appreciate that a probability is a number between 0 and 1, inclusive....

3 min · 587 words · Erkan Malcok