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Estimation - Coggle Diagram
Estimation
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Confidence Intervals
An interval estimate provides more information about a population characteristic than does a point estimate.
the confidence interval provide an interval that may include the true population parameter with a probability of 0.95 (most common used confidence level)
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Confidence Intervals
Confidence Intervals for the Population Mean, μ
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Observe characteristics of members of an existing population or of several populations (males and females) and then use the resulting information to draw conclusion (hypothesis testing) or determine the approximate value of population parameter (estimation)
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An ESTIMATOR of a population parameter is a random variable that depends on sample information whose value provides an approximation to this unknown parameter.
E.g. sample mean is an estimator for the unobserved population mean (µ); sample standard deviation s is the estimator for population standard deviation .
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ESTIMATION is a procedure by which we assign a numerical value or numerical values to the population parameter based on the information collected from a sample.
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