Statistical Inference
The process by which we use data to answer important questions
Sampling Error
.
What are the pros of statistical inference?
1. The only means where we can take conclusions from data from a sample and apply them to a population
2. Very effective for determining the likelihood of a given conclusion
3. Useful for observing patterns and deviations from said patterns
What are the cons of statistical inference?
1. All conclusions are a probability, they can't prove anything 100%
2. The real world doesn't always behave like data and there will be things that inference can't account for
What is probability?
Hard to define, but is like a range of 1.0 - 0 where the higher a value/result, the greater the likelihood an event will happen
What is the Independence assumption?
Observations/cases in a dataset are independent from each other, they do not effect or influence each other
What is the law of large numbers?
A large enough or repeated sample's mean will begin to mimic the population mean as it grows
What is the meaning of the word 'favorable'?
Just means the outcome you want to happen