Parameter Estimation and Evaluation Introduction Introduction Our analysis delivers the following main conclusions: Big data does not change the foundation of statistical sampling inference for population,and many statistical methods such as the sufficiency principle, data reduction,and causal inference remain to be very useful for Big data analysis. Big data shakes the conventional practice of using statistical significance to decide important variables in the model. It poses some new challenges to statistical modelling and inference,including the basic assumptions of model uniqueness,correct model specification,and stationarity. Big Data,Machine Learning and Statistics Introduction to Statistics and Econometrics Juy8,2020 5/70Parameter Estimation and Evaluation Big Data, Machine Learning and Statistics Introduction to Statistics and Econometrics July 8, 2020 5/70 Introduction Introduction