Inferential Statistics

It's a part of Statistics that, based on a small sample infers predictions about the population

  • Descriptive Statistics is another part that just describes samples and doesn't infer anything about the general population

"Statistical Inference" is concerned mainly with assessing the quality of parameter estimates

  • using some methods we estimate parameters and build statistical models from the sample
  • and we want to know how good the estimates/models are

Variability in Estimates

  • We estimate the parameters based on sampled data
  • So with different samples (from the same population) we get different estimates of the same parameter
  • A one-number estimate of some population parameter is called Point Estimate
  • The distribution of this parameter estimate is called Sampling Distribution
  • and the measure of variability is called Standard Error

Main tools