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What is a Statistical Model?

 , updated on October 25, 2015
A statistical model is a probability distribution constructed to support analysis of data. They differ from standard mathematical models in that they are non-deterministic. In other words, they don't give you a single answer but rather predict the probability of outcomes.
Overview: Statistical Model
FunctionStatistical Analysis
Business Analysis
Management Accounting
DefinitionAn equation or table that represents a set of assumptions about the probability of observations.
ValueMaking predictions or modeling observations with generalizations
Related TechniquesProbability Distribution

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