Statistical Inference
Definition
Statistical inference involves using sample data to make conclusions or predictions about a larger population. It allows us to draw meaningful insights and make decisions based on limited information.
Analogy
Imagine you are at a party, and you want to know how many people in the room like pizza. Instead of asking every single person individually, you randomly select a few people and ask them. Based on their responses, you can infer what percentage of the entire party likes pizza.
Related terms
Hypothesis Testing: Hypothesis testing is a statistical method used to determine whether there is enough evidence in favor of or against a claim about a population.
Confidence Level: The confidence level represents the probability that an interval estimate will contain the true population parameter.
Margin of Error: The margin of error is the maximum amount by which an estimate may differ from the true value for the whole population. It takes into account sampling variability and provides a range within which we expect our estimate to fall.
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