Exploratory Data Analysis
1.1. EDA Introduction
1.1.2. How Does Exploratory Data Analysis differ from Classical Data Analysis?
|Classical||Classical estimation techniques have the characteristic of taking all of the data and mapping the data into a few numbers ("estimates"). This is both a virtue and a vice. The virtue is that these few numbers focus on important characteristics (location, variation, etc.) of the population. The vice is that concentrating on these few characteristics can filter out other characteristics (skewness, tail length, autocorrelation, etc.) of the same population. In this sense there is a loss of information due to this "filtering" process.|
|Exploratory||The EDA approach, on the other hand, often makes use of (and shows) all of the available data. In this sense there is no corresponding loss of information.|