Statistics: inferential statistics, point estimation

This is part of the course “Probability Theory and Statistics for Programmers”.

Probability Theory and Statistics For Programmers

The largest part of statistics is about taking a sample from the population and using those as an estimation of the overall population. The idea of point estimation is to calculate a single value(statistic) by using sample data from the population. For example, it can be inference about the quality of some products based on sample data observations.

Example. Figure out if the quality of the product good enough by having sample data from the normally distributed large population.

For this example, we generate 10000 normally distributed values with a mean equal to 40 and then find the point estimator — sample mean of the sample with the size equal to 40.

When we don’t know parameters of the distribution, such as mean or standard deviation, we can make an estimation about these parameters by calculation point estimators, such as the sample mean or sample standard deviation. And we should remember that point estimates are never perfect since we working only with a relatively small sample of the population. This is commonly referred to as the margin of error. And this error component is expressed as a confidence interval(which will be explained in the next articles).

Next part ->

Reach the next level of focus and productivity with increaser.org.

Increaser

--

--

--

Indie hacker behind increaser.org. More at radzion.com

Love podcasts or audiobooks? Learn on the go with our new app.

Recommended from Medium

BitScoop Basics: Extracting Value from Data with Relationships

Create synthetic time-series with anomaly signatures in Python

How to Sample a Dataframe in Python Pandas

GA COVID-19 Report December 8, 2020

New kid on the block, DAP meets streaming

Time Series 101 — For beginners

GA COVID-19 Report November 25, 2020

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Radzion Chachura

Radzion Chachura

Indie hacker behind increaser.org. More at radzion.com

More from Medium

One Proportion Z-Test using Python.

SHAP in Python

Journey through Random Forests

Feature Engineering