What Is Statistical modeling?
Statistical modeling is the process of using statistical techniques to analyze data and make predictions about future events. It is a form of regression that uses statistical methods to estimate the parameters of a model.
Statistical modeling is a common practice in machine learning and data science. It is used to analyze data and make predictions about future events.
The process involves fitting a statistical model to the data and then using the model to make predictions. The model is typically a mathematical function that describes the relationship between the variables in the dataset. The model is fitted to the data by estimating the parameters of the model using statistical methods.
Statistical modeling can be used to compare different models or to tune the parameters of a model. It can also be used to select the best features for a model or to determine the optimal number of features.