Questions tagged [intuition]

Questions that seek a conceptual or non-mathematical understanding of statistics.

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What is the intuition behind the odds scale?

What is an intuitive explanation of the odds scale? In a logistic regression such as $$logit(p) = \beta_0 + \beta_1 x$$ we often interpret $\beta_1$ by looking at the odds ratio, $e^{\beta_1}$, which ...
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Intuition behind Weibull distribution?

I don't understand the physical meaning of Weibull distribution's $k$ parameter. Here is a simplified formula of cumulative probability function of Weibull in the simplest form: p(\xi \geq x) = e^{-(...
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Intuition behind SEM latent variables not being actual variables

There are essentially two ways, to my knowledge, to put together a number of numerical items that are all meant to quantify one abstract notion. One can average the items and create a composite score. ...
In a business situation, management keeps a reserve of money for a 'rainy day' just in case costs are more than expected. The 90th percentile ($Q_{90}$ in the following) might be an indicator of how ...