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Sampling - Coggle Diagram
Sampling
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Precision
Assessed with:
95% Confidence intervals
A 95% confidence interval (CI) is a range of values that is used to estimate an unknown population parameter, such as a population mean or proportion, with a certain level of confidence. In this case, the "95%" indicates that we are 95% confident that the interval contains the true population parameter. It is a way of expressing the uncertainty associated with a sample estimate.
Key terms
Sample Mean - Represents the average value of the sample data, providing a central point around which the data is distributed.
Sample Variance - Measures the variability or spread of the data points around the mean, indicating how dispersed the data points are. A larger variance indicates that the data points are more spread out from the mean, while a smaller variance indicates they are closer to the mean.
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If precision is high, then low amount of random error.
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Statistical Inference
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Use of point estimates
A point estimate is a single value that serves as an approximation or best guess of an unknown population parameter based on sample data. It provides a specific value as an estimate for a population characteristic, such as the population mean, proportion, variance, or other parameters. Point estimates are calculated using statistical formulas and are derived from sample data, making them crucial in inferential statistics.