Chapter 7 Flashcards
1
Q
estimation
A
A process whereby we select a random sample from a population and use a sample statistic to estimate a population parameter.
2
Q
point estimate
A
A sample statistic used to estimate the exact value of a population parameter.
3
Q
confidence interval (CI)
A
A range of values defined by the confidence level within which the population parameter is estimated to fall. A confidence interval may also be referred to as a margin or error.
4
Q
confidence level
A
The likelihood, expressed as a percentage or a probability, that a specified interval will contain the population parameter.
5
Q
margin or error
A
The radius of a confidence interval.
