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.

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.