This application illustrates the concept of the Law of Large Numbers. The experiment is based on the expected face value of tossing a six-sided die. Users can experiment with changing the sample size and observe the effect of increasing the sample size on the behaviour of the sample mean.
This application illustrates the concept of the Central Limit Theorem. Users can gauge at the changing behaviour of the distribution of the sample mean when the sample size increases. The population distributions can also be changed, with options given for the uniform, right skewed and left skewed distributions. This illustrates that the Central Limit Theorem holds even if the data and population distributions are not normal.
This application demonstrate the effect of changing correlation on the resulting visual plots of the data. Users can change the level of correlation between two variables and study the changes in the scatter plot and the heat map, both of which are typically used tools to visualize possible relationships.
This application allows users to upload data files, either in the .csv or the .xlsx formats, and perform regression analysis. Once the data is uploaded, the dashboard reports the descriptive statistics and correlation table, as well as produces the scatter plots of numerical data columns. The user can define their regression model of choice under the “Regression” tab. Once a regression model is estimated, residual diagnostic plots are populated. Predictions can also be performed based on the estimated regression model and user input predictor values.