Problem Statement: Advise a client on how to save money toward their newborn baby's future college education, namely by answering the question "How much would they need to save per month to be reasonably certain that they have at least $ 60,000 in the account after 18 years" while taking into account the stochastic nature of the stock market, the volatility of different investment types, as well as the client's potential for higher incomes over time.
Conclusion: The client would have to save at least $ 115 per month to be reasonably confident to achieve their goal.
Problem Statement: Determine the optimal frost line depth (the depth at which the soil freezes) to ensure structural stability when building a house that should withstand all seasons for different types of soil encountered.
Conclusion: In constructing a house that would last in all seasons, the foundation should go below the minimum frost line depth (of the respective soil type) of the hottest day of the year.
Problem Statement: Determine the correlation between age and length of survival among patients who received heart transplants by examining the binomial proportion, comparing two means, performing hypothesis testing, linear regression, and data visualization.
Conclusion: For the selected dataset, there is no statistically significant relationship between age and length of survival.
Tags: Data Analysis, Statistics, Frequentist Inference, Bayesian Inference, R, RStudio
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