
#267: Regression? It Can be Extraordinary! (OLS FTW. IYKYK.) with Chelsea Parlett-Pelleriti
The Analytics Power Hour
The Balance of Expertise in Statistical Modeling
This chapter explores the integration of business context and prior expertise in Bayesian statistical model building, emphasizing the enhancement of model accuracy through historical knowledge. It discusses the nuances between predictive and inferential modeling, using practical examples to illustrate the importance of understanding expert opinions and their implications for data analysis. Additionally, the chapter addresses the significance of distinguishing between statistical and practical significance in regression analysis, particularly within marketing and finance contexts.
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