Bite Sized Learning - Statistics P1

 Essential Statistics for Data Science

  • The goal of inferential statistics is to use the sample to learn about the population
  • The steps involved here are
    • Sampling
    • Hypothesis Testing
    • Inference
  • Sample typically is selected in a manner that allows it to be an unbiased representation of the entire population
  • Sampling the entire population is nearly impossible and Central Limit Theorem helps solve this problem
  • Some of the business cases are
  • Estimate the effectiveness of a medicine or vaccine
  • Estimate the expected consumers for a new product/service

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