a.
Explain the term point estimate.
a.
Explanation of Solution
Point estimate:
It is the single number which is used to estimate the value of an unknown parameter.
b.
Explain the term confidence interval.
b.
Explanation of Solution
Confidence interval:
The interval which is used to estimate the value of a parameter is termed as confidence interval.
c.
Explain the term confidence level.
c.
Explanation of Solution
Confidence level:
The confidence level is the percentage between 0% and 100% which measures the success rate of the method that is used to construct a confidence interval. When many samples are drawn and used each one to construct a confidence interval then the whole percentage of the confidence interval that cover the true value which would be equal to the confidence level.
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Chapter 7 Solutions
Essential Statistics
- Big Ideas Math A Bridge To Success Algebra 1: Stu...AlgebraISBN:9781680331141Author:HOUGHTON MIFFLIN HARCOURTPublisher:Houghton Mifflin HarcourtGlencoe Algebra 1, Student Edition, 9780079039897...AlgebraISBN:9780079039897Author:CarterPublisher:McGraw Hill