ADMS 2320 Study Guide - Quiz Guide: Confidence Interval, Statistical Parameter, Statistical Inference

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Statistical inference- acquires info and draw conclusion about population samples. Estimation- objective is to determine value of population parameter using sample statistics. Sample mean (xbar) and estimate population mean (mu) Point estimator- value unknown parameter using single value or pt. Three drawbacks: virtually certain that estimate will be wrong, need to know how close to estimator is to parameter, do not reflect larger sample size or parameter value. Interval estimator (confidence interval)- draws inferences about population by estimating value of unknown parameter using interval. Unbiased estimator- expected value is equal to parameter. Consistency estimator- difference between estimator and parameter grows smaller as ample gets larger. Relative efficient estimator- if there are 2 unbiased estimators of a parameter, the 1 variance smaller is said to have relative efficient. Larger value of produce wider confidence intervals. Is the proportion of times that an estimating procedure will be correct. 95% means it will be correct 95% of times.

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