statistics and probability

definitions

Finite Population

Finite or fixed number of elements

Infinite Population

infinitely many elements

Statistical Inferrence 

• making conclusion/generalization about the population based on the study samples 

• estimating population parameter and hypothesis testing

2 types of estimation

Point Estimate

Interval Estimate

Point Estimate

single value

Interval estimate 

measuring information based on confidence interval sometimes called confidence interval

3 parts of Confidence Interval

statistics, margin of error and confidence level

Margin of Error

refers to the maximium acceptable differences

Central Limit Theorem

size n drawn from a population then n becomes larger

Inferential Statistics

methods for drawing and measuring the reliability of conclusions about a population based on the information obtained from a sample of the information

Descriptive Statistics

Methods for organizing and summarizing information

Estimate

Value assigned to a population parameter based on the value of a sample

Estimator

Sample statistic that is used to estimate the population parameter

Confidence Interval

Range of values computed from the selected sample

confidence coefficient

Confidence level is expressed as a probability denoted by 1- α

α

greek letter alpha

Confidence Limits

endpoints of the interval