08 Oct Inferential Statistics

Inferential statistics is about making predictions or inferences about a population based on a sample of data. Understand it like getting the data from a small sample (instead of working on the whole population) to predict the whole population.

Note: It makes predictions on new data based on existing data. For example: Predicting the house price based on the number of bedrooms, bathrooms, balconies, parking spaces, etc. This can be done with regression analysis.

For example: you ask a sample of 100 people in a sports club if they like cricket as a sport.

You could use your research to reason that around 70% of the people (all people in all sports clubs) like cricket as a Sport. This would be inferential statistics.

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