statistical inference

statistical inference definition - business

statistical inference

Estimating the properties of an unknown distribution from a sample of that distribution. For example, an interview of 100 individuals who tried a new brand of frozen pizza indicated 60 would switch from their old brand to the new brand. Using statistical inference, the company decided it was worthwhile to move ahead with marketing the new brand.

The American Heritage® Dictionary of Business Terms Copyright © 2009 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

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