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Oct 01,2025
Case Study: Optimizing Electricity Procurement Costs
Challenge Rising energy prices and complex load profiles made it increasingly difficult for companies to keep procurement costs under control. The goal was to develop a data-driven solution to identify savings potential and optimize electricity…
Aug 26,2025
Introduction to Statistical Decision Theory – Edition 3: Ethical and Strategic Decisions Under Uncertainty
This third edition presents a real-world-inspired decision-theoretic scenario rooted in the classical formulation of I. J. Good (1952), where human incentives, ethical dilemmas, and corporate strategy intersect. A new invention is presented to a company’s…
Aug 23,2025
Making Statistical Concepts Accessible – Edition 15: Modeling Count Data with the Poisson Distribution
In public health data analysis, disease counts, proportions, and rates are often used as outcome variables. These discrete outcomes differ from the continuous variables typically associated with linear regression. When analyzing count data, especially when…
Aug 13,2025
Case Study: Detecting Machine Signal Modes Using Statistical Analysis
Problem Description We have a time series signal that switches between two modes: on (e.g., at t = 0s) and off (e.g., at t = 0.001504s). These modes correspond to different signal values. Our goal…
Jul 30,2025
Making Bayesian Statistics Accessible to Everyone – Edition 1: From Frequentist to Bayesian Statistics
Introduction Statisticians draw data from a subset of the population, known as a sample, which should be representative of the whole. Analyses are then conducted on the sample with the intention of making reliable inferences…
Jul 29,2025
Case Study: Predicting Customer Sensitivity to Interest Rate Changes – A Step-by-Step Binary Classification Approach Using Random Forest
Introduction A leading retail bank aims to optimize the pricing of its credit portfolio by predicting how sensitive its customers are to changes in interest rates. This case study provides a step-by-step walkthrough of how…