What is the difference between normalization and standardization?

Can you explain the difference between normalization and standardization?

Sure! Normalization rescales data to a range of [0, 1], while standardization transforms data to have a mean of 0 and a standard deviation of 1.

When should I use normalization instead of standardization?

Normalization is best when you need to bound your data within a specific range, especially for algorithms like neural networks.

Are there any situations where standardization is preferred?

Yes, standardization is preferred when the data follows a Gaussian distribution, as it helps in algorithms that assume normality.

Can you give me an example of each?

Certainly! For normalization, if you have values like [10, 20, 30], they would become [0, 0.5, 1]. For standardization, the same values might transform to [-1.22, 0, 1.22] depending on the mean and standard deviation.