Principles of statistical inference

Uncertainty is the basic element of statistical science. Various theories and methods (including algorithms) in econometrics, business statistics, and business analytics focused on the understanding of uncertainty and its subsequent use in optimal decision-making. In this unit, you will learn different approaches in the conduct of statistical inference. Specifically, you will be exposed to various paradigms of estimation and hypothesis testing, their utilisation and limitations. Upon unit completion, you will also develop statistical thinking process, an important element that will contextualise your progression in the study of Econometrics and Business Statistics or in Business Analytics.