From the course: Business Analytics Foundations: Predictive, Prescriptive, and Experimental Analytics
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EXA tools and techniques
From the course: Business Analytics Foundations: Predictive, Prescriptive, and Experimental Analytics
EXA tools and techniques
- [Instructor] What are the various tools and techniques for experimental analytics? All these tools deal with testing, but there are different kinds of testing that we need to be familiar with. The first type of tool testing is sample testing. In this case, a subset of targets are chosen from the entire population, like a subset of patients on whom we want to try a new medication for reducing cholesterol. The subset should have optimal distribution of other variables, say height and weight. The subset should have the same kind of distribution of height and weight values like the entire population. The test is then executed against the target subset. Results are then collected and analyzed. Typically, in a sample testing case, we are looking at improvement of some variable like decrease in cholesterol. The test is then iterated on multiple subsets of patients to make sure that the results are consistent on different…
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