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7 terms

Business Statistics Chapter 8

Estimation
STUDY
PLAY
point estimator
a function of the random variable used to make inferences about the value of an unknown population parameter.
point estimate
the value of the point estimator derived from a given sample
unbiased
if the expected value equals the unknown population parameter being estimated
efficient
when an unbiased estimator has a standard error that is lower than that of unbiased estimators
consistent
if an estimator approaches the unknown population parameter being estimated as the sample size grows larger
confidence interval
provides a range of values that, with a certain level of confidence, contains the population parameter of interest
degrees of freedom
determine the extent of broadness of the tails of distribution; the fewer the degrees of freedom, the broader the tails.