Chapter 10 Notes.docx

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Department
Operations Management and Information System
Course
OMIS 2010
Professor
All Professors
Semester
Fall

Description
Chapter 10 Notes Introduction to Estimation Concepts of Estimation - The objective is to determine the approximate value of a population partameter on the basis of a sample statistic - Eg the sample mean is used to estimate the population mean. Therefoe, the sample mean is the estimator of the population mean. The value of the sample mean is the estimate Point and Interval Estimators - There are TWO ways the sample data is used to estimate the population parameter 1) Point Estimator- draws inferences about a population by estimating the value of an unknown parameter using a single value or point (compute value of estimator, that’s the estimate) - Disadvantages to point estimator: estimate will be wrong (eg probability that a continuous random variable will be equal to a number is 0. And that xbar is equal to mu is 0), we need to know how close the estimator is to the parameter, large sample will produce better results but point estimators don’t reflect the large sample sizes 2) Interval Estimator- draws inferences about a population by estimating
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