What are the applications of Z-score in statistics?
An example of an AI chatbot conversation about applications of Z-score in statistics.
What are the applications of Z-score in statistics?
Z-score is used to determine how many standard deviations an element is from the mean. It's widely applied in various fields.
Can you give me some specific examples of where Z-scores are used?
Sure! Z-scores are used in finance for risk assessment, in quality control to identify defects, and in education to compare student performance.
How does Z-score help in identifying outliers?
A Z-score helps identify outliers by indicating how far a data point is from the mean. Typically, a Z-score above 3 or below -3 is considered an outlier.
Is Z-score applicable in machine learning?
Yes, Z-scores are often used in machine learning for feature scaling, helping algorithms perform better by normalizing data.
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