QMB 3200 UCF FINAL VOCAB Questions With Solutions!

Parameter - ANSWERA numerical characteristic of a population, such as a population mean µ, a population standard deviation σ, a population proportion p, and so on. Target population - ANSWERThe population for which statistical inferences such as point estimates are made. It is important for the target population to correspond as closely as possible to the sampled population. Sampled population - ANSWERThe population from which the sample is taken. Sampling distribution - ANSWERA probability distribution consisting of all possible values of a sample statistic. Sample statistic - ANSWERA sample characteristic, such as a sample mean bar(x), a sample standard deviation s, a sample proportion bar(p), and so on. The value of the sample statistic is used to estimate the value of the corresponding population parameter. Finite population correction factor - ANSWERthe term √((N-1)/(n-1)) that is used in the formulas for standard deviation of x bar and p bar whenever a finite population, rather than an infinite population, is being sampled. the generally expected rule of thumb is to ignore this when n/N ≤ .05 Simple random sample - ANSWERA simple random sample of size n from a finite population of size N is a sample selected such that each possible sample of size n has the same probability of being selected. Standard error - ANSWERThe standard deviation of a point estimator. Point estimator - ANSWERThe sample statistic, such as bar(x), s, or bar(p), that provides the point estimate of the population parameter. Central limit theorem - ANSWERA theorem that enables one to use the normal probability distribution to approximate the sampling distribution of bar(x) whenever the sample size is large. Point estimate - ANSWERThe value of a point estimator used in a particular instance as an estimate of a population parameter.