From the course: Machine Learning Foundations: Statistics
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Bootstrapping - Python Tutorial
From the course: Machine Learning Foundations: Statistics
Bootstrapping
- [Instructor] Let's think of a scenario. Suppose we want to calculate the average number of years of experience of 100,000 people working in an IT industry. The first approach would be conducting a survey of 100,000 people and asking for their number of experience in the industry and then calculating the mean experience. Another approach would be to answer that question by extracting a representative subset of this dataset and conducting this survey on 1,000 people. So we find the number of years of experience for a sample of 1,000 people and hope that the mean of experience of the sample is close to the mean of the experience of the population. Let's simplify our example further. Imagine our population has only 100 elements, and we create a sample of 10 elements from the population. We could measure the mean of the sample set, let's say we got 2.7, and then use this mean as an estimate for the mean of the population, and…
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