What is Inferential Statistics?

ZARRIN MEHR Crane
What is Descriptive Statistics?
ZARRIN MEHR Crane
What is the Poisson Distribution?

Inferential statistics is a branch of statistics that involves using a sample of data to make generalizations or predictions about a larger population. The goal of inferential statistics is to use the information gathered from a sample to draw conclusions about the population from which the sample was drawn.

Inferential statistics involves using probability theory to make educated guesses about the population parameters based on the information gathered from a sample. The two most common types of inferential statistics are estimation and hypothesis testing.

Estimation involves using the information gathered from a sample to estimate the value of a population parameter. For example, a researcher might use a sample of the population to estimate the average income of the entire population.

Hypothesis testing involves using the information gathered from a sample to test a hypothesis about a population parameter. For example, a researcher might use a sample of the population to test whether the average income of the entire population is significantly different from a specific value.

Inferential statistics is an important tool in many fields, including business, medicine, social sciences, and many others. It allows researchers and analysts to make informed decisions based on the data available to them, even when they do not have access to information about the entire population.

You might also find the following intriguing:
Data Science

Process Time Ratio

The Process Time Ratio (PTR) serves as a key metric for evaluating the efficiency of various processes within service calls.…
Data Science

What is Amazon Monitron?

Amazon Monitron is an end-to-end system designed by Amazon Web Services (AWS) to enable customers to monitor and detect anomalies…
Data Science

What are SDKs used for?

SDKs, or Software Development Kits, are collections of software tools and libraries that developers use to create applications for specific…
Data Science

What is NetSuite?

NetSuite is a cloud-based Enterprise Resource Planning (ERP) software suite that offers a broad set of applications, including accounting, Customer…
Data Science

What is Star Schema?

The star schema is a type of database schema commonly used in data warehousing systems and multidimensional databases for OLAP…
Data Science

What is OLAP?

OLAP stands for “Online Analytical Processing.” It’s a category of software tools that allows users to interactively analyze multidimensional data…
Data Science

What is Wilcoxon Test?

The Wilcoxon test, also known as the Wilcoxon rank-sum test or the Mann-Whitney U test, is a non-parametric statistical test…
Data Science

What is Bootstrapping?

Bootstrapping is a powerful statistical method that involves generating “bootstrap” samples from an existing dataset and then analyzing these samples.…
Data Science

What is Cluster Sampling?

Cluster sampling is a sampling method used when studying large populations spread across a wide area. It’s particularly useful when…
Data Science

What is PowerShell?

PowerShell is a task-based command-line shell and scripting language built on .NET. Initially, it was developed by Microsoft for the…
Data Science

What is PaaS?

Platform as a Service (PaaS) is a cloud computing model that delivers a platform to users, allowing them to develop,…
Data Science

What is IaaS?

Infrastructure as a Service (IaaS) is a type of cloud computing service that provides virtualized computing resources over the internet.…
Data Science

What is Scrum?

Scrum is a framework for project management that emphasizes teamwork, communication, and speed. It is most commonly used in agile…
Data Science

What is Logistic Regression?

Logistic Regression is a statistical method used for analyzing and modeling the relationship between a binary (dichotomous) dependent variable and…
Data Science

What is OLS?

Ordinary Least Squares (OLS) is a linear regression method used to estimate the relationship between one or more independent variables…
Data Science

What is np.linspace?

`np.linspace` is a function in the NumPy library, which is a popular library in Python for scientific computing and working…
Data Science

What is strptime ?

strptime is a method available in Python’s datetime module. It stands for “string parse time”. It is used to convert…
Data Science

Mutable vs Immutable

In Python, objects can be classified as mutable or immutable based on whether their state can be changed after they…
Data Science

What is A/B Testing?

A/B testing, also known as split testing or bucket testing, is a statistical methodology used to compare the performance of…
Data Science

What is strftime?

strftime is a method available in Python’s datetime module. It stands for “string format time”. It is used to convert…
Data Science

What is Blocking?

Blocking is a technique used in data analysis, particularly in record linkage and deduplication, to reduce the number of comparisons…
Data Science

What is EB-2?

The EB-2 (Employment-Based, Second Preference) is a U.S. immigrant visa category designed for foreign nationals who possess an advanced degree…
Data Science

What is FuzzyWuzzy?

FuzzyWuzzy is a popular Python library used for string matching and comparison. It employs a technique called “fuzzy string matching”…
Psychology

What is 10,000-hour rule?

The 10,000-hour rule is a popular concept in the field of skill acquisition and expertise development, which suggests that it…
Data Science

What is Word Embedding?

Word embedding is a technique used in natural language processing (NLP) to represent words as numerical vectors in a high-dimensional…
Data Science

What is MNAR?

MNAR stands for “Missing Not at Random,” which is another type of missing data mechanism in which the missingness of…
Data Science

What is MAR?

MAR stands for “Missing at Random,” which is another type of missing data mechanism in which the missingness of data…
Data Science

What is MCAR?

MCAR stands for “Missing Completely at Random,” which refers to a type of missing data mechanism in which the missingness…
Data Science

What is Tokenization?

Tokenization is a natural language processing technique that involves breaking down a text or a document into individual words, phrases,…
Data Science

What is Faceting?

Faceting is a powerful technique that allows us to display subsets of data on different panels of a plot or…
Data Science

Univariate vs Bivariate

In statistics and data analysis, univariate refers to a dataset or analysis that involves a single variable or feature. Univariate…
Data Science

What is displot?

In Seaborn, displot is a function that allows you to create a figure that combines several different types of plots…
Data Science

What is KDE?

In Seaborn, KDE stands for Kernel Density Estimation. KDE is a non-parametric method for estimating the probability density function of…
Data Science

What is Virtualenv

Virtualenv is a tool that creates an isolated Python environment. It allows you to create a separate environment with its…
Data Science

What is Pearson Correlation?

Pearson correlation (also known as Pearson’s correlation coefficient) is a statistical measure that describes the linear relationship between two variables.…
Data Science

What is Data Science?

Data science is a multidisciplinary field that involves the extraction, management, analysis, and interpretation of large and complex datasets using…
Data Science

What is Machine Learning?

Machine learning is a subfield of artificial intelligence (AI) that involves training computer algorithms to automatically learn patterns and insights…
Data Science

What is NumPy?

NumPy (short for Numerical Python) is a Python library for scientific computing that provides support for large, multi-dimensional arrays and…
Data Science

SOAP vs REST

SOAP (Simple Object Access Protocol) and REST (Representational State Transfer) are two popular architectural styles for building web services. Here…
Data Science

What is JSON?

JSON stands for “JavaScript Object Notation”. It is a lightweight data interchange format that is easy for humans to read…
Data Science

What is XML?

XML stands for “Extensible Markup Language”. It is a markup language used for encoding documents in a format that is…
Data Science

What is a URN?

URN (Uniform Resource Name) is another type of URI (Uniform Resource Identifier), used to provide a persistent and location-independent identifier…
Data Science

What is a URL?

A URL (Uniform Resource Locator) is a type of URI (Uniform Resource Identifier) that specifies the location of a resource…
Data Science

What is a URI?

A URI (Uniform Resource Identifier) is a string of characters that identifies a name or a resource on the internet.…
Data Science

What is a REST API?

REST stands for Representational State Transfer, and a REST API is a type of web API that uses HTTP requests…