Coursera Statistical Inference using Python - Exercises and Assignments
Inferential Statistics enables you to make an educated guess about a population parameter based on a statistic computed from a sample randomly drawn from that population.
Parameter - is about Population
Statistic - is about Sample
Only one proportion of the population is considered.
Best Estimate = Unbiased Point Estimate = Sample Proportion()
Margin of Error = "a few" Estimated Standard Error
"a few" is a multiplier from appropriate distribution based on desired confidence level.eg: , (Student's t-test)
With Confidence Intervals, we can conclude that, in the multiple sample iterations caclulating the confidence interval for each sample, about 95% of such confidence intervals will contain the true population proportion
- Different z^{\star} multiplers for different confidence intervals
90% CI - 1.645
95% CI - 1.96
98% CI - 2.326
99% CI - 2.576
Therefore, More Confident ==> Larger Multipler ==> Wider Interval