BUSINESS ADMINISTRATION
BUSINESS ANALYTICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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finding the significance level.
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calculating descriptive statistics.
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doing inferential statistics.
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calculating the confidence level.
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Detailed explanation-1: -Statistical inference is the process through which inferences about a population are made based on certain statistics calculated from a sample of data drawn from that population.
Detailed explanation-2: -The process of using sample statistics to make conclusions about population parameters is known as inferential statistics. In other words, data from a sample are used to make an inference about a population.
Detailed explanation-3: -Answer and Explanation: The process of using sample statistics to draw conclusions about true population parameters is called inferential statistics.
Detailed explanation-4: -Statistical inference is a method of making decisions about the parameters of a population, based on random sampling. It helps to assess the relationship between the dependent and independent variables. The purpose of statistical inference to estimate the uncertainty or sample to sample variation.
Detailed explanation-5: -Inferential statistics helps study a sample of data and make conclusions about its population. A sample is a smaller data set drawn from a larger data set called the population. If the sample does not represent the population, one cannot make accurate estimations related to the latter.