Probability Models and Modeling

1. Statistical inference starts with the assumption that important aspects of the phenomenon under study can be described in terms of probabilities. Statistics is the art of learning from data.

2. To draw logical conclusions from data we make assumptions about chances (probabilities) of obtaining different data values.

3. The totality of assumptions on chances is referred to as “probability model” for a given set of data for a given context.

4. “Probability Modeling” is the science of learning from life through intelligent guesses.

5. Using a “Probability Model” is the art of learning from life through assumptions and guesses.

(From my notebooks)

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