News / Blog: #glossary

What is inferential statistics?

Inferential statistics is an analytical procedure used to answer questions related to a population. It is used to draw conclusions about a population based on a sample. It is a form of inductive statistics in which a sample is applied to a population to make generalizations about the population. Inferential statistical techniques are commonly used in research and decision making.

What is probability theory?

Probability is a branch of mathematics that deals with the analysis of random variables, probabilities and probability distributions. It is used to solve problems associated with probabilities and likelihoods that arise in many areas of science and everyday life. It is an important part of statistics, where probabilities are used to describe events and predict future events.

What is a probability distribution?

A probability distribution is a mathematical function that describes the probability that a certain event will occur. There are several types of probability distributions, including normal, binomial, Poisson, and exponential.

What is predictive analytics?

Predictive analytics is a method of data analysis that enables companies to predict how certain events are likely to develop. It uses various mathematical models to analyze existing data to make predictions. Predictive analytics can be used in many industries, for example, in the financial industry to predict the development of the stock market, or in the retail industry to predict the demand for certain products.

What is a mathematical model?

A mathematical model is a mathematical system that mimics a real-world situation. It can use various mathematical techniques such as differential equations, statistics, probability theory, and others to solve complex problems or make predictions. Mathematical models are used in many fields such as finance, economics, ecology, astronomy and meteorology.