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24mba037
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INFERENTIAL STATISTICS:

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Meehul 24MBA038
Akshit 24MBA037
Geetika 24MBA025
WHAT IS INFERENTIAL
STATISTICS?
What is Inferential Statistics?

Inferential statistics involves drawing conclusions about a population based on a sample of


data. It allows us to make generalizations about the whole by studying a smaller,
representative subset.

Key Applications

Inferential statistics is widely used in various fields, including market research, healthcare,
finance, and social sciences. It helps us understand trends, test hypotheses, and make
data-driven decisions.
SAMPLING AND PROBABILITY
DISTRIBUTIONS
Sampling Methods
Understanding different sampling methods,
such as random sampling, stratified sampling,
and cluster sampling, is crucial for ensuring
sample representativeness and generalizability.
Probability Distributions
Probability distributions describe the likelihood
of different outcomes in a sample. Familiarizing
ourselves with common distributions, like the
normal distribution, is essential for hypothesis
testing and confidence intervals.
HYPOTHESIS TESTING: CONCEPTS AND
APPLICATIONS

Choosing Statistical Tests


The appropriate statistical test depends on the type of data and the
research question. Common tests include t-tests, z-tests, and chi-square
tests.

Formulating Hypotheses
Hypothesis testing involves formulating a null hypothesis (no effect) and
an alternative hypothesis (effect exists). We then collect data to test the
validity of these hypotheses.

Interpreting Results
Based on the test results, we can either reject or fail to reject the null
hypothesis. The p-value is a key measure that helps us determine the
significance of the findings.
CONFIDENCE INTERVALS:
QUANTIFYING UNCERTAINTY
Confidence Level

Confidence intervals provide a range


of plausible values for a population
parameter, based on a specific
confidence level (e.g., 95%
confidence). This quantifies the
uncertainty inherent in statistical
inferences.

Interpreting Intervals

A 95% confidence interval suggests


that if we were to repeat the
sampling process many times, 95%
of the resulting intervals would
contain the true population
parameter.
ANOVA: ANALYZING
VARIANCE IN DATA
One-Way ANOVA

One-way ANOVA is used to compare means of two or more


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groups, where the independent variable has only one
factor. It helps determine if there are significant
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differences between the group means.

Two-Way ANOVA

Two-way ANOVA extends this analysis to consider the


effects of two independent variables on a dependent
variable. This allows us to examine interactions between
the factors.
CHI SQUARE TEST
REGRESSION ANALYSIS: EXPLORING
RELATIONSHIPS

Linear Regression
Linear regression is used to model the linear relationship between a dependent variable and one or more independent
variables. It helps predict the value of the dependent variable based on the independent variables.

Multiple Regression
Multiple regression extends this analysis to consider the influence of multiple independent variables on the dependent variable.
This allows for more complex and realistic models.
TIME SERIES ANALYSIS: UNCOVERING TRENDS
AND PATTERNS

Trend Analysis
Time series analysis helps identify trends and patterns in data over time. It can be used to forecast future values based on
historical observations.

Seasonality
Identifying seasonal patterns, such as monthly or quarterly fluctuations, helps understand cyclical behavior and improve
forecasting accuracy.

Forecasting Models
Various forecasting models, including ARIMA models and exponential smoothing models, can be used to predict future values
based on historical data patterns.
PREDICTIVE MODELING: FORECASTING FOR
DECISION MAKING

Data Preparation
Predictive modeling starts with data preparation, which involves cleaning, transforming, and selecting relevant features to train
the model.

Model Selection
Choosing the appropriate predictive model depends on the data and the desired outcome. Common models include linear
regression, decision trees, and neural networks.

Model Evaluation
Evaluating the model's performance is crucial. Metrics like accuracy, precision, and recall help assess the model's
effectiveness in making predictions.
ETHICS AND CONSIDERATIONS IN INFERENTIAL STATISTICS

Data Privacy

Ethical considerations are paramount in inferential statistics. It's essential to


ensure data privacy, security, and responsible use.
Bias Awareness

Being aware of potential biases in data collection, analysis, and


interpretation is crucial for avoiding misleading conclusions.
Transparency

Transparent reporting of methods and results is essential for reproducibility,


accountability, and building trust in statistical findings.

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