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Basics Terminology in Statistics

• Statistics is a subject like physics, chemistry.
• Statistic is any quantity computed from values of data.
• Population is the entire possible outcomes.
• Sample is the subset of population.
• Parameter is the value that we want to estimate, like average age of Population, like ${\mu}$.
• Model is an equation consisting of Parameters that model Population through a Sample.
• Estimate is the real value of parameter that model estimates.
• Estimator is the formula used for arriving at that value, like $\hat{\mu}$.

Contents

Terminology

Frequentist and Bayesian

Distribution

Pearson Correlation

Difference between MSE(Mean Squared Error) and Variance

Bayes Theorem

Regression

Power Law

Likelihood

Multivariate Normal Distribution

Reference