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Applications of Statistical Data
Some applications of statistical data are as follows:
• Recommendation system: Recommendation systems
use statistical data to suggest personalised content to
users. By analysing user's behaviour, preferences, and
historical interactions, AI models (e.g., collaborative
filtering or content-based filtering) recommend
products, movies, or music. Netflix, Disney + Hotstar
and Amazon are prime examples of platforms using
such systems.
Brainy Fact
E-commerce giants like Amazon and eBay use NLP for product recommendations and search
optimisation.
• Price Comparison Websites: Price comparison
websites are platforms that allow users to compare
prices of products or services offered by multiple
sellers. These websites leverage statistical data
to provide insights, trends, and optimised pricing
strategies. Statistical analysis plays a vital role in
organising, interpreting, and presenting the vast
amounts of price-related data collected from various
sources.
Examples of price comparison websites include
PriceGrabber, PriceRunner, Junglee, Shopzilla, and
DealTime. Nowadays, these websites are prevalent
across various industries, including technology,
hospitality, automobiles, consumer durables,
apparel, and more.
• Weather Forecasting: AI uses statistical data to
predict the weather monitoring the hail, tornadoes or
tsunami with great precision. Satellite imagery and AI
is used to predict how different factors are used to
affect climate change.
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