Unformatted text preview: is the “most likely”
value of μ ? (Point estimate)
Example : Given the data, within what limits the
population proportion p lies 95% of the times ?
(Interval estimate) Examples Want to know the average annual earnings of
graduating students Estimation: Estimate μ, the average annual income Among two candidates X and Y in an election
who will get what percentage of votes ? Estimation: Estimate p, proportion of votes X gets Components of Estimation Method of making the estimation: which
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