In your own words, carefully explain the meanings of the following (a) point est

Question

In your own words, carefully explain the meanings of the following (a) point estimate A single number used to estimate a population parameter. A measure of the reliability of an interval estimate. A procedure designed to give a range of values as an estimate of an unknown parameter value. The largest distance between the point estimate and the parameter it estimates that can be tolerated under certain circumstances. The value of a probability density function which cuts off a critical area. (b) critical value The largest distance between the point estimate and the parameter it estimates that can be tolerated under certain circumstances. A single number used to estimate a population parameter. A measure of the reliability of an interval estimate. The value of a probability density function which cuts off a critical area. A procedure designed to give a range of values as an estimate of an unknown parameter value. (c) maximal margin of error A single number used to estimate a population parameter. A procedure designed to give a range of values as an estimate of an unknown parameter value. A measure of the reliability of an interval estimate. The value of a probability density function which cuts off a critical area. The largest distance between the point estimate and the parameter it estimates that can be tolerated under certain circumstances. (d) confidence level The largest distance between the point estimate and the parameter it estimates that can be tolerated under certain circumstances. A measure of the reliability of an interval estimate. A procedure designed to give a range of values as an estimate of an unknown parameter value. The value of a probability density function which cuts off a critical area. A single number used to estimate a population parameter. (e) confidence interval

Explanation / Answer

Solution:-

a) option E. The value of a probability density function which cuts off a critical area

b) option E. A procedure designed to give range of values as an estimate of an unknown parameter value

c) option C. A measure of the reliability of an interval estimate

d) option D. The value of a probability density function which cuts off a critical area.

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