What does PSI mean in UNIVERSITIES

Probability

Probability is the branch of mathematics dedicated to measuring the likelihood that certain events will occur. Probabilities are usually expressed as fractions or percentages and can range from 0% (an event will never happen) to 100% (an event will always happen). We use probability when trying to predict outcomes such as election results or weather patterns, or when making decisions about investments or financial risks. By understanding how the probability of an occurrence changes based on external factors, we can be better prepared for what lies ahead.

Statistics

Statistics is the branch of mathematics dedicated to collecting, analyzing and interpreting data from samples of populations or experiments. Statistical methods allow us to draw conclusions about phenomena in a way that is more objective than relying on intuition alone. Additionally, statistics provides ways for researchers and data scientists to form hypotheses and test theories by gathering evidence through experiments, surveys or other types of data collection techniques. By using statistical analysis, researchers can make more accurate assumptions about relationships among variables within a given population or study sample.

Inference

Inference is the process by which one can deduce new information beyond what has been observed directly at hand. This type of knowledge relies on logical reasoning rather than empirical evidence gathered directly from observation. While statistics allow us to draw connections between independent variables and specific outcomes, inference goes a step further by drawing logical conclusions from limited amounts of evidence or incomplete information sets. For example, if an economist notices a recent decline in stock prices combined with reports of rising unemployment rates within a certain area, he may be able to infer that these trends are likely related even though no direct connection between them has been proven yet.