ECO220Y5 Lecture Notes - Lecture 4: Abscissa And Ordinate, Central Limit Theorem, Hias
Document Summary
Consider 3 quite different scenarios: a manufacturer of electronic fuses needs to know the maximum amps at which a any one of a batch of fuses will burn out. The location and number of crashes per month in recent history is used as a guess of what the likely locations and frequencies would be. When every element in the population is identified and the relevant characteristic recorded, the resultant data set is referred to as a census; it constitutes a complete record of the population of interest. When for various reasons (economic, feasibility, or practical) a census cannot be taken, the. Population of interest is something about which we can only conjecture. Typically in statistics the characteristic of the population we are interested in is treated as a random variable and a probability density function (p. d. f. ) is used to describe its distribution across the range of potential values.
