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FinOpMgt 250 - Exam 1 - Vocab

FinOpMgt 250 - Exam 1 - Vocab - FinOpMgt 250 Exam 1 Review...

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FinOpMgt 250 Exam 1 Review Vocabulary Sampling Distributions Standard Error – Standard deviation of the sampling distribution Central Limit Theorem – The sampling distribution of the mean of a random sample drawn from any population is approximately normal for a sufficiently large sample size. The larger sample size, the more closely the sampling distribution of X ̅ will resemble the normal distribution. Sampling Distribution of the Sample Mean – If X is normal, X ̅ is normal. If X is nonnormal, X ̅ is approximately normal for sufficiently larger sample sizes. The definition of “sufficiently large” depends on the extent of nonnormality of X. Introduction to Estimation Point Estimator – Draws inferences about a population by estimating the value of an unknown parameter using a single value or point Interval Estimator – Draws inferences about a population by estimating the value of an unknown parameter using an interval Unbiased Estimator
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