Moving from analytics to statistics
Moving from analytics to statistics is like going from reading a story to understanding how it was written. Analytics helps us see what’s happening in the data—such as spotting trends or patterns in sales, website visits, or customer behavior. It’s great for getting quick answers. But statistics takes things a step further. With statistics, we learn how to test ideas, make predictions, and understand how confident we can be in our results. It’s not just about looking at numbers—it’s about making smarter decisions based on them.
Let us understand these concepts in depth in the following sections.
Understanding fundamental concepts: population versus samples, parameters versus statistics
In this section, we will explore the foundational concepts of statistical inference. Here, we will study a subset of individuals (the sample) to draw conclusions about the larger group (the population). Parameters...
