Asked by Steven Enrique on Jun 10, 2024
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A point estimate is a single number that is used as an estimate of a population parameter or population characteristic. It is usually derived from a random sample from the population of interest.
Point Estimate
The best single guess for a population parameter based on sample data. It represents a single value estimate of a parameter.
Population Parameter
A value that represents a characteristic of an entire population, such as its mean or standard deviation.
Random Sample
A subset of individuals chosen from a larger set, where each member has an equal chance of being selected, ensuring unbiased representation.
- Distinguish between point estimates and interval estimates.
- Identify appropriate point estimators for population parameters.
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Learning Objectives
- Distinguish between point estimates and interval estimates.
- Identify appropriate point estimators for population parameters.
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