From the course: AI and Data-Driven Decision-Making for HR

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Predicting the future with data from the past

Predicting the future with data from the past

From the course: AI and Data-Driven Decision-Making for HR

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Predicting the future with data from the past

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In this chapter, I'll show how to use inferential statistics to predict the future. Well, maybe not exactly, but we will discuss how to make predictions about your workforce by using sample data, which is a pretty cool thing to do. Descriptive statistics like correlation and regression analysis allow us to interpret the data we have. Inferential statistics, on the other hand, allow us to draw conclusions and make decisions about data we don't have. To perform this magic, we'll use techniques such as chi-square tests, ANOVA, and t-tests. These tests will help determine relationships between variables and compare group differences and determine if they're statistically significant. We'll use these methods for testing hypotheses like will an investment in a wellness program have a companywide impact on improving productivity? Given this kind of information, we'll be able to make confident predictions and decisions using evidence rather than generalized information. Now, sometimes you…

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