Moments – Statistics’ physics connection
Interesting Fact: Imagine you sculpted your distribution out of wood and tried to balance it on your finger. The balance point would be the mean
statistics
A high t statistic does not indicate strong relationship between dependent variable and Independent variable
Gentle Reminder : A high t statistic does not indicate strong relationship of IVs with the DV. Just the other day, I saw a post
How a statistical technique that helped solve German Tank problem during WW2 is helping us get accurate attribution in Marketing Mix Modeling (MMM)
When we talk about application of statistics during world war 2, somehow the image of the airplane with red dots (survivorship bias) comes to mind.
What does ‘statistic’ in statistics mean?
Are you confused about the meaning of ‘statistic’ in statistics? You’re not alone. Many blogs and posts on the internet use the term loosely. In
Confidence intervals in a way are barometer of your Marketing Mix Models
A lot of people blame Confidence Intervals and its ‘unintuitive’ nature for switching to Bayesian side of things. But if you are in Marketing Mix
Looking to get started on MMM? Know your type of Data.
One key advice I give to statisticians/data scientists looking to get started on Marketing Mix Modeling (MMM) is – Know your type of Data. A
Why you should not expect high R squared value in your MMM models
Why customers should not expect their Marketing Mix Models (MMM) to have very high R squared value. Somehow over the years, two myth has been
Don’t make million dollar marketing decision just based on correlation
Marketers are sometimes given bad advice that they should not go for advanced methods for marketing impact measurements. Instead they are suggested to adopt simple
Validating MMM models the right way
I often come across posts where people overtly prescribe out of sample error and incrementality testing as the only way to validate the MMM model.
Don’t train-test split your data in Marketing Mix Modeling
In MMM, You don’t need to train/test split your data. Okay, some of you might be shocked since I am going against the conventional wisdom
