Analyzing data using Python - Risk Engineering

[Pages:53]Analyzing data using Python

Eric Marsden

The purpose of computing is insight, not numbers. ? Richard Hamming

Where does this fit into risk engineering?

curve

fitting

data

probabilistic model

consequence model

event probabilities

event consequences

risks

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Where does this fit into risk engineering?

curve

fitting

data

probabilistic model

consequence model

event probabilities

event consequences

risks

costs

criteria

decision-making

2 / 49

Where does this fit into risk engineering?

curve

fitting

data

probabilistic model

consequence model

These slides

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event probabilities

event consequences

risks

costs

criteria

decision-making

Descriptive statistics

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Descriptive statistics

Descriptive statistics allow you to summarize information about observations ? organize and simplify data to help understand it

Inferential statistics use observations (data from a sample) to make inferences about the total population ? generalize from a sample to a population

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Descriptive statistics

Source: 5 / 49

Measures of central tendency

Central tendency (the "middle" of your data) is measured either by the median or the mean

The median is the point in the distribution where half the values are lower, and half higher ? it's the 0.5 quantile

The (arithmetic) mean (also called the average or the mathematical expectation) is the "center of mass" of the distribution ? continuous case: () = () ? discrete case: () = ()

The mode is the element that occurs most frequently in your data

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