Examples of Functions for Inferential Statistics
Inferential statistics is the powerful side of statistics. With descriptive statistics, you can describe a data set. Describing a data set might allow you to understand the data set better. With regression, you use past trends to predict future results. With inferential statistics, you extrapolate information about a sample of the population to make predictions about the entire population.
Understanding the Language of Inferential Statistics
Excel 2013 offers functions for 14 different types of probability distributions. Each distribution predicts a different shape of the population. The following sections cover the various distributions, but for now, consider the distribution in Figure 14.26