Tips and Techniques for Statistics and Quality Improvement

Blog posts and articles about using Minitab software in quality improvement projects, research, and more.

One of the biggest pieces of international news last year was the so-called "Brexit" referendum, in which a majority of voters in the United Kingdom cast their ballots to leave the European Union (EU).

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If you regularly perform regression analysis, you know that R2 is a statistic used to evaluate the fit of your model. You may even know the standard definition of R2: the percentage of variation in the response that is explained by the model.

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Did you ever wonder why statistical analyses and concepts often have such weird, cryptic names?

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Data mining can be helpful in the exploratory phase of an analysis. If you're in the early stages and you're just figuring out which predictors are potentially correlated with your response variable, data mining can help you identify candidates. However, there are problems associated with using data mining to select variables.

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Face it, you love regression analysis as much as I do. Regression is one of the most satisfying analyses in Minitab: get some predictors that should have a relationship to a response, go through a model selection process, interpret fit statistics like adjusted R2 and predicted R2, and make predictions. Yes, regression really is quite wonderful.

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Data mining uses algorithms to explore correlations in data sets. An automated procedure sorts through large numbers of variables and includes them in the model based on statistical significance alone. No thought is given to whether the variables and the signs and magnitudes of their coefficients make theoretical sense.

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You’ve performed multiple linear regression and have settled on a model which contains several predictor variables that are statistically significant. At this point, it’s common to ask, “Which variable is most important?”

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There may be huge potential benefits waiting in the data in your servers. These data may be used for many different purposes. Better data allows better decisions, of course. Banks, insurance firms, and telecom companies already own a large amount of data about their customers. These resources are useful for building a more personal relationship with each customer.

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In regression, "sums of squares" are used to represent variation. In this post, we’ll use some sample data to walk through these calculations.

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You need to consider many factors when you’re buying a used car. Once you narrow your choice down to a particular car model, you can get a wealth of information about individual cars on the market through the Internet. How do you navigate through it all to find the best deal?  By analyzing the data you have available.  

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