ST 372 MIDTERM 1 QUESTIONS AND ANSWERS

ST 372 MIDTERM 1 QUESTIONS AND ANSWERS
Parameter - CORRECT ANSWER✅✅Numerical summary of a population (e.g., μ, p, σ).



Estimator - CORRECT ANSWER✅✅Rule/statistic used to estimate a parameter; a random variable.



Point estimate - CORRECT ANSWER✅✅Numerical value of an estimator from a sample.



Random sample (RS) - CORRECT ANSWER✅✅Independent, identically distributed observations.



Sampling variability - CORRECT ANSWER✅✅Differences in statistic values across samples.



Sampling distribution - CORRECT ANSWER✅✅Distribution of all possible values of a statistic.



Standard error - CORRECT ANSWER✅✅Standard deviation of an estimator's sampling distribution.



Unbiased estimator - CORRECT ANSWER✅✅Estimator whose expected value equals the parameter.



Bias - CORRECT ANSWER✅✅Difference between estimator's expected value and true parameter.



Precision - CORRECT ANSWER✅✅How small the estimator's standard error is.



Minimum variance unbiased estimator (MVUE) - CORRECT ANSWER✅✅Unbiased estimator with
smallest variance.



Method of Moments (MOM) - CORRECT ANSWER✅✅Equates sample moments to population moments
to solve for parameters.



Maximum Likelihood Estimation (MLE) - CORRECT ANSWER✅✅Chooses parameter values that
maximize likelihood.