Final answer:
Statistical calculations allow interpretation and decision-making based on data analysis, but they cannot predict with absolute certainty due to life's uncertainties. Inferential statistics use sample data to estimate population parameters, leading to educated guesses rather than exact predictions.
Step-by-step explanation:
Statistical calculations can help us decide a myriad of things by providing a way to interpret data. These calculations support both descriptive and inferential statistics. We can use statistics to predict events, like weather forecasts using statistical models. However, what statistical calculations cannot do is provide precise predictions for all aspects of life, such as the exact landfall location of a hurricane.
The goal of statistical models is not simply to compute using formulas, but to understand the data, which necessitates sound data production methods and thorough data examination. This understanding aids in making informed decisions. Yet it's important to note that no statistical model can perfectly predict every outcome due to the inherent uncertainties in real-world situations.
Inferential statistics, a part of statistics, helps us infer about a population from a sample. It utilizes methods like confidence intervals and hypothesis testing (e.g., t-tests) to estimate population parameters and make educated guesses about our world. Understanding these concepts allows one to be more confident in their decision-making process.