Asked by Dusty Dawson on Jul 02, 2024
If a store manager is interested in estimating the mean amount spent per customer per visit at her store, the sample mean would be the approximate point estimate.
Point Estimate
A statistical measure that provides the best single value estimate of a population parameter.
Mean Amount
The average value of a set of numbers, calculated by adding all the values and dividing by the count of numbers.
Sample Mean
Sample mean refers to the average of all the data points in a sample taken from a population, serving as an estimate of the population mean.
- Grasp the methodology to calculate and interpret point estimates for various sample statistics.
Learning Objectives
- Grasp the methodology to calculate and interpret point estimates for various sample statistics.