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NOTES_Chapter 10_Introduction to Estimation

NOTES_Chapter 10_Introduction to Estimation - Chapter 10...

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Chapter 10: Introduction to Estimation 10.1 Concepts of Estimation Point and Interval Estimators o We can use sample data to estimate a population parameter in two ways. A point estimator draws inferences about a population by estimating the value an unknown parameter using a single value or point Compute the value of the estimator and consider that value as the estimate of the parameter Drawbacks: o Visually certain that the estimate will be wrong (0 chance value will be exact) o We need to know how close the estimator is to the parameter o In drawing inferences about a population, it is intuitively reasonable to expect that a large sample will produce more accurate results An interval estimator draws inferences about a population by estimating the value of an unknown parameter using an interval Have the capacity to reflect the effects of larger sample sizes o An unbiased estimator of a population parameter is an estimator whose expected value is equal to that parameter

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