Asked by Cameon Viney on Jul 02, 2024
Which of the following statements is true with respect to a point estimate?
A) It is subject to sampling error and will almost always be different from the true value of the population parameter.
B) It is a population parameter.
C) It is the upper value of an interval estimate.
D) Neither it is subject to sampling error and will almost always be different from the true value of the population parameter nor it is a population parameter.
E) Both it is subject to sampling error and will almost always be different from the true value of the population parameter and it is a population parameter.
Point Estimate
Represents a single value given as the best guess or most likely value of a population parameter based on sample data.
Sampling Error
The difference between a sample statistic used to estimate a population parameter and the actual but unknown value of the parameter.
Population Parameter
A numerical characteristic of a population, such as mean or standard deviation, that is usually unknown.
- Understand the implications of sampling error on the reliability of point estimates.
Learning Objectives
- Understand the implications of sampling error on the reliability of point estimates.