Exam (elaborations)
Exam (elaborations) mat1530
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POINT ESTIMATE: a single value (or point) used to approximate a population parameter. The sample proportion ^p is the best point estimate of the population proportion p . CONFIDENCE INTERVAL (or INTERVAL ESTIMATE): a range or an interval of values used to estimate the true value of a population parameter. Sometimes abbreviated as CI. CONFIDENCE LEVEL: the probability, 1−α (such as 0.95 or 95%), that the confidence interval actually does contain the population parameter, assuming that the estimations
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Institution
University Of South Africa
Course
Mat1530
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- University of South Africa
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- January 3, 2022
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- Written in
- 2022/2023
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