Exploratory Analysis Essential terms you should know.

Exploratory Analysis A Term You Need to Know

Exploratory data analysis (EDA) is an approach to analyzing and summarizing a dataset in a way that helps to uncover underlying patterns, relationships, and anomalies in the data. It is a preliminary step in the data analysis process that is often used to gain insights into the structure and distribution of the data, identify potential outliers, and generate hypotheses for further testing.

EDA often involves visualizing the data in various ways, such as through histograms, scatter plots, and box plots, as well as calculating summary statistics, such as the mean, median, and standard deviation. Unlike descriptive analysis, which focuses on summarizing the main features of a dataset, EDA is more focused on the discovery of new relationships and insights within the data. The results of EDA can inform the selection of appropriate statistical models and provide a better understanding of the data, which can ultimately lead to improved decision-making.

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