COMM-1057EL Chapter Notes - Chapter 10: Bias Of An Estimator, Probability Distribution, Interval Estimation
16 Nov 2017
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Document Summary
The objective of estimation is to determine the approximate value of a population parameter based on a sample statistic . We refer to the sample mean as the estimator of the population mean. Once the sample mean has been computed, its value is called the estimate. Point estimator draws inferences about a population by estimating the value of an unknown parameter using a single value or point. However, point estimators don"t have the capacity to reflect the effects of larger sample sizes. Interval estimator draws inferences about a population by estimating the value of an unknown parameter using an interval. A statistics prof wants to estimate the mean summer income of 2nd year business students. Selecting 25 students at random, he calculates the sample mean weekly income to be . The point estimate is the sample mean, which would be .
