Statistics Made Effortless: Basic Concepts of Inference Explained

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Meaning

The dictionary meaning of inference is to make a conclusion based on evidence and reasoning. When clubbed with statistics, this term basically means to draw conclusions about a population from any given data.

In other words, it is to estimate the features of a population by studying the sample. The sample is a small part of the population. This can be achieved by testing hypothesis and deriving estimates. Statistical inference is useful in making informed choices while analyzing data. The population depends on two factors.

• Absolute measurement and
• Comparative measurement.

Models

In inferential statistical analysis, a population is assumed to be from a larger database. A statistical model is the set of assumptions concerned with generation of data. The three main degrees of assumptions are: –

1. Fully parametric
2. Non parametric
3. Semi parametric

Conclusions

These are also referred to as Statistical proposition. The most common forms of statistical propositions are the following.

1. Point estimate
2. Interval estimate
3. Credible interval
4. Hypothesis rejection
5. Clustering of data