w11_BS-CI1_post

# w11_BS-CI1_post - Business Statistics Estimation Estimator...

This preview shows pages 1–4. Sign up to view the full content.

Business Statistics Estimation Estimator a sample statistic that is used to estimate an unknown population parameter. (e.g. , Confidence Interval) Estimate an actual numerical value obtained for an estimator. (e.g. \$250) Point Estimator a single number to estimate the parameter. (e.g. ) Interval Estimator a pair of numbers which we have some confidence that the parameter will lie. (e.g. 95% Confidence Interval below) Unbiased Estimator An estimator is unbiased if Example x x

This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document
Business Statistics Interpretation The confidence interval is random (because is random), while the population parameter (μ) is fixed . Therefore, when we interpret the following CI: 1. we DO NOT say ”we have 95% probability that μ falls in the 95% C.I.” 2. We say “we have 95% probability that the interval encloses/covers the population mean μ”.
Business Statistics Interpretation 3. If the sample of data is already collected, the realization of the CI (e.g. (10, 20) ) is obtained, we say “we have 95%

This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

### Page1 / 6

w11_BS-CI1_post - Business Statistics Estimation Estimator...

This preview shows document pages 1 - 4. Sign up to view the full document.

View Full Document
Ask a homework question - tutors are online