MGMT 1050 Study Guide - Final Guide: Bias Of An Estimator, Null Hypothesis, Interval Estimation

• School: York University
• Department: Management
• Course: MGMT 1050
• Professor: Hila Cohen

Document Summary

Inference is the process of getting useful decision making information from data and statistics. Two aspects of inference are estimation and hypothesis testing. Estimation: deriving estimates with their associated confidence intervals. Hypothesis testing: drawing conclusions based on the probability that statements are correct. We make inference about three types of statistics: the mean, the variance, a proportion of the data that meets some qualitative requirement. Further, we can make these inferences on lone populations or comparing two populations. Almost all estimation problems involve the same basic structure. Creating a confidence interval around the point estimate. The size of the interval is determined by. The standard error of the estimated parameter value. Almost all hypotheses tests involve the same basic steps: Determining then null and hypotheses, the test statistic and the rejection region. The test statistic is based on the standard error of the estimated parameter value. The rejection region is determined by the distribution of the estimate.