ALC Exam with Complete Solutions | 100% Correct | Updated 2024

ALC Exam with Complete Solutions | 100% Correct | Updated 2024 What is the difference between a statistic and a parameter? - Answer ️️ -Parameter describes the population and statistic describes the sample What is the sampling distribution of a statistic? - Answer ️️ -the distribution of values taken by the statistic in all possible samples of the same size from the same population What does it mean for an estimator to be unbiased? - Answer ️️ -An unbiased estimator is an accurate statistic that's used to approximate a population parameter. standard error of estimate - Answer ️️ -a measure of variability around the regression line - its standard deviation How do we interpret a confidence interval? - Answer ️️ -We say that a C% confidence interval means that C% of all samples will capture the true value. That means that we are C% confident that the interval includes the true value. What happens to the interval as the confidence level or the sample size increases? - Answer ️️ -Higher the confidence interval, wider the interval. As the sample size increases, the interval gets smaller. null hypothesis - Answer ️️ -the hypothesis that there is no significant difference between specified populations, any observed difference being due to sampling or experimental error. Type I error (alpha) - Answer ️️ -False positive results ex: reject the null hypothesis when you should accept it