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Inferential statistics have two main uses: making estimates about populations (for example, the mean SAT score of all 11th graders in the US). testing hypotheses to draw conclusions about populations (for example, the relationship between SAT scores and family income).
Inferential statistics is a branch of statistics that involves making predictions or inferences about a population based on a sample of data taken from that population. It is used to analyze the probabilities, assumptions, and outcomes of a hypothesis .
Inferential statistics can be defined as a field of statistics that uses analytical tools for drawing conclusions about a population by examining random samples. The goal of inferential statistics is to make generalizations about a population.
Inferential statistics plays a crucial role in business and other decision-making processes by enabling analysts to draw insights from sample data. This statistical approach helps predict outcomes, evaluate risks, and optimize strategies, even when complete population data is unavailable.
Inferential statistics is a branch of statistics that involves using data from a sample to make inferences about a larger population. It is concerned with making predictions, generalizations, and conclusions about a population based on the analysis of a sample of data.
Learn about the key concepts and tests within inferential statistics, including t-tests, ANOVA, chi-square, correlation and regression.
Explore key examples of inferential statistics and see how they're applied across business, healthcare, and more to inform decisions.
Inferential statistics are usually used to test hypotheses and draw conclusions about a population from a sample. They are used to make predictions, estimate parameters, and test the importance of differences between groups.
When you have collected data from a sample, you can use inferential statistics to understand the larger population from which the sample is taken. Inferential statistics have two main uses: making estimates about populations (for example, the mean SAT score of all 11th graders in the US).