Understanding Statistical Inference
Statistical inference is the process of using data analysis to deduce properties of an underlying distribution of probability. It is divided into estimation theory and hypothesis testing.
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Key Concepts
- Estimation Theory: Methods of estimating the relationships between variables.
- Hypothesis Testing: A method of making decisions using data, whether from a controlled experiment or observational study.
- Confidence Intervals: A range of values that's likely to contain a population parameter with a certain degree of confidence.
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