inferential statistics

  

Definition

Mathematical methods that employ probability theory for deducing (inferring) the properties of a population from the analysis of the properties of a data sample drawn from it. It is concerned also with the precision and reliability of the inferences it helps to draw.

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  • Consulting the inferential statistics on storm damage, Tom was able to create a model for the insurance company that would maximize profit by protecting premiums and defining the conditions of payout to a niche classification.

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  • The study that was proposed by the local government made the decision to use inferential statistics with a group of 500 individuals.

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  • I was attempting to understand the situation best and I realized using numbers to learn is best so I chose inferential statistics.

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