Statistics itself is a vast subject on which a complete book could be written; however, here the attempt is to focus on key concepts that are very much necessary with respect to the machine learning perspective. In this section, a few fundamentals are covered and the remaining concepts will be covered in later chapters wherever it is necessary to understand the statistical equivalents of machine learning.
Predictive analytics depends on one major assumption: that history repeats itself!
By fitting a predictive model on historical data after validating key measures, the same model will be utilized for predicting future events based on the same explanatory variables ...
