News / Blog: Knowledge Base

Basic Statistical Terms - An overview

1. Population and Sample

Population: The entire set of elements of interest that is to be studied.

Sample: A subset of the population selected for a statistical investigation.

2. Mean (Average)

Mean: The sum of all values in a data set divided by the number of values.

3. Median

Median: The middle value in a sorted data set, dividing the data into two equal halves.

4. Standard Deviation

Standard Deviation: A measure of the spread or variance of data around the mean.

5. Variance

Variance: The average squared difference between each value and the mean.

6. Histogram

Histogram: A graphical representation of data showing the frequency of values in different intervals.

7. Regression

Regression: A statistical method to model the relationship between a dependent variable and one or more independent variables.

8. Significance Level

Significance Level: The threshold used to decide whether a statistical result is considered significant.

9. Correlation

Correlation: A measure of the statistical relationship between two variables.

10. Confidence Interval

Confidence Interval: An interval indicating the range of possible values for a parameter estimate with a certain probability.