w11_BS-CI1_post

w11_BS-CI1_post - Business Statistics Estimation Estimator...

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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
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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”.
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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%
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w11_BS-CI1_post - Business Statistics Estimation Estimator...

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