Statistical Inference and Machine Learning Fundamentals
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What is Data Science?
- An interdisciplinary field combining statistics, computer science, and business knowledge.
- Its goal is to extract valuable insights and knowledge from data (both structured and unstructured).
- It answers key business questions: what happened, why, what will happen, and what to do about it.
- The process involves collecting, cleaning, processing, analyzing, and communicating data insights.
Statistical Inference: Making Educated Guesses
- It's the process of using sample data to make educated guesses or draw conclusions about a much larger population.
- Essentially, it lets you make generalizations about a whole group based on a smaller part of it.
Key Goals of Statistical Inference
Estimation: To guess the value of a population parameter