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The Art of Data-Driven Business

You're reading from   The Art of Data-Driven Business Transform your organization into a data-driven one with the power of Python machine learning

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Product type Paperback
Published in Dec 2022
Publisher Packt
ISBN-13 9781804611036
Length 314 pages
Edition 1st Edition
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Author (1):
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Alan Bernardo Palacio Alan Bernardo Palacio
Author Profile Icon Alan Bernardo Palacio
Alan Bernardo Palacio
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Table of Contents (17) Chapters Close

Preface 1. Part 1: Data Analytics and Forecasting with Python
2. Chapter 1: Analyzing and Visualizing Data with Python FREE CHAPTER 3. Chapter 2: Using Machine Learning in Business Operations 4. Part 2: Market and Customer Insights
5. Chapter 3: Finding Business Opportunities with Market Insights 6. Chapter 4: Understanding Customer Preferences with Conjoint Analysis 7. Chapter 5: Selecting the Optimal Price with Price Demand Elasticity 8. Chapter 6: Product Recommendation 9. Part 3: Operation and Pricing Optimization
10. Chapter 7: Predicting Customer Churn 11. Chapter 8: Grouping Users with Customer Segmentation 12. Chapter 9: Using Historical Markdown Data to Predict Sales 13. Chapter 10: Web Analytics Optimization 14. Chapter 11: Creating a Data-Driven Culture in Business 15. Index 16. Other Books You May Enjoy

Validating the effect of changes with the t-test

When measuring the effects of certain actions applied to a given population of users, we need to validate that these actions have actually affected the target groups in a significant manner. To be able to do this, we can use the t-test.

A t-test is a statistical test that is used to compare the means of two groups to ascertain whether a method or treatment has an impact on the population of interest or whether two groups differ from one another; it is frequently employed in hypothesis testing.

When the datasets in the two groups don’t relate to identical values, separate t-test samples are chosen independently of one another. They might consist of two groups of randomly selected, unrelated patients to study the effects of a medication, for example. While the other group receives the prescribed treatment, one of the groups serves as the control group and is given a placebo. This results in two separate sample sets that are...

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