3. Statistical models, estimation, and prediction#

Students will develop the ability to write generative models for data and to use them with simulation-based approaches. They will use these models to develop an understanding of variation, to approximate probabilities, and to diagnose and repair shortcomings of a statistical model. Using the sample data from a statistical model, students will be able to estimate the parameters of the model and to make predictions for new data related to the statistical model. In addition, students will formulate statistical inference as a decision problem, will understand the concept of a loss function, and will use simulation methods to select an estimator that has small expected loss under the decision problem. [OhioDoHEducation21]