From the course: Python Data Analysis
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Overview: Understanding data - Python Tutorial
From the course: Python Data Analysis
Overview: Understanding data
- [Instructor] In this chapter, we will focus on the task of understanding the meaning of data by modeling. Given a data set with multiple variables, we seek to capture the way in which the variation in one or more response variables is caused by the variation of one or more explanatory variables. A model can be seen as a function that takes explanatory variables as input and outputs response variables. The model will depend on a number of parameters which are usually not known in advance. So to fit a model to the data, we apply to the explanatory variables for each case in our data frame, and we compare the response variables as predicted by the model with the corresponding observed variables. We then modify the parameters of the model until the difference, the residual between the predicted and observed values, is minimized in a precise mathematical sense. Once we have fit a model, it becomes useful for two different goals. First, its parameters may reveal important qualities of the…
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