What are the applications of inferential statistics?
An example of an AI chatbot conversation about applications of inferential statistics.
What are the applications of inferential statistics?
Inferential statistics are used to make predictions or inferences about a population based on a sample. Common applications include hypothesis testing, confidence intervals, and regression analysis.
Can you give me an example of how it's used in healthcare?
Sure! In healthcare, inferential statistics can be used to determine the effectiveness of a new drug by analyzing data from clinical trials.
What about in business?
In business, companies use inferential statistics to analyze consumer behavior and make decisions based on survey data.
Are there any limitations to inferential statistics?
Yes, limitations include potential sampling bias, reliance on assumptions, and the risk of overgeneralization from a sample.
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