Statistics include data-mining — the statistical analysis of large datasets. Typical applications include: determining which loan applicants are likely to default, and so won’t be approved for a loan; how to distinguish legitimate credit card transactions from fraudulent transactions.
Statistical quality control refers to a collection of technical tools that help firms maintain and improve the quality of their products and services. Bayesian statistics is used to incorporate prior information and expert opinion into the decision making process.
Our faculty use Bayesian methods for the estimation of correlation/covariance and skewness models and the development of computational techniques that increase efficiency of these computationally intensive models.