Tuesday, September 26, 2006

Statistics Defined

How do I explain it?

As "Reducing risk by quantifying uncertainty."

For a variety of reasons we often use a small group of people to learn about the larger group from which it is drawn. Think A/B testing for example. To ensure we can generalize the results from a sample we apply statistics to estimate how confident we are in what we find.

A more complete defintion can be found on wikipedia.

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