Is it Probable or Just Possible?
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On this week’s episode of Diving Into Data, we look at the incredibly useful data practice of probabilistic modeling. We dive into what it is and how we use it, not only in the business world, but the science world, as well.
Probabilistic modeling might be a new term to you, but you actually do it every day! TC dives into what this modeling is, how it works and what the results are. We look at how this modeling gives a range of expected results, not just a single answer, and why that is still incredibly useful, even without a specific solution.
TC also explains his personal favorite application of probabilistic modeling with the Drake Equation. This equation explains the likelihood of another space-faring, technologically-advanced species residing right in our backyard, and gives rise to the ominous Fermi Paradox. Don’t know what we’re talking about? Check out the episode to have your mind blown.
TC wraps up with some real-world and business applications for this modeling and why every company should be doing more of it. With that, we invite you to sit back, relax, grab a drink, practice social distancing, and dive into some data!
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