Chapter 8. Advanced Statistics

We are concerned with making inferences about entire populations based on certain samples of data. We will be using hypothesis tests along with different estimation tests in order to gain a better understanding of populations, given samples of data.

The key topics that we will cover in this chapter are as follows:

  • Point estimates
  • Confidence intervals
  • The central limit theorem
  • Hypothesis testing

Point estimates

Recall that, in the previous chapter, we mentioned how difficult it is to obtain a population parameter; so, we had to use sample data to calculate a statistic that was an estimate of a parameter. When we make these estimates, we call them point estimates.

A point estimate is an estimate of a population parameter based ...

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