The Statistical Estimation

Question 1

What is a Point Estimate?

Answer 1

Single value estimated for a variable of interest

Question 2

What does a Point Estimate provide?

Answer 2

Useful information about population parameters but no information about precision of estimate

Question 3

What are examples of Point Estimate?

Answer 3

Mean and Proportion

Question 4

What is an Interval Estimate?

Answer 4

A range of values constructed around a point estimate with a certain level of acceptable error

Question 5

What does a Interval Estimate provide?

Answer 5

Understand the precision of an estimate

Question 6

What does a Wider interval estimate mean?

Answer 6

Less precision

Question 7

What does a Narrower estimate mean?

Answer 7

More precision

Question 8

What is an example of Interval Estimate?

Answer 8

Confidence Interval

Question 9

What is a Confidence Interval?

Answer 9

Contain the population parameter respective of a specified percentage of the time

Question 10

What does a Confidence Interval provide?

Answer 10

A level of certainty about the point estimate being able to represent the true value of a population parameter

Question 11

What does a Confidence Interval represent?

Answer 11

The reliability of a point estimate to represent the true value of a population parameter

Question 12

What is the equation for Confidence Interval CI?

Answer 12

Point Estimate +/- (Critical Value)(SE)

Question 13

What is the Z Critical Value for a = 0.05?

Answer 13

1.96

Question 14

What is the Z Critical Value for a = 0.01

Answer 14

2.58

Question 15

Does changing the point estimate change the width of the interval?

Answer 15

NO

Question 16

What is SE?

Answer 16

Standard of Error of the estimate

Question 17

What does SE represent?

Answer 17

Represents the sampling error associated with the particular estimate

Question 18

What are the types of SE?

Answer 18

Mean and Proportion

Question 19

What changes when calculating CI?

Answer 19

SE specifically the type aka Mean or Proportion

Question 20

SE Mean Formula

Answer 20

SD/ (square root of n)

Question 21

SE Proportion Formula

Answer 21

(Square Root of (p (1-p)/ n))
OR
Square Root of (pq) / n

Question 22

What is p in the SE Proportion?

Answer 22

P = proportion
1 - p = q

Question 23

What is a Probabilistic Approach?

Answer 23

Probability of the interval containing the population estimate in repeated samples

Question 24

What is a True Approach?

Answer 24

States that the true variable (mean or proportion) can be as low as the calculated low bound and as high as the calculated upper bound with a certain level of confidence

Question 25

Ex. At least 95 out of 100 times with the mean falling between X and Y

Answer 25

Probabilistic

Question 26

Ex. With 95% confidence the true mean can be as low as X and as high as Y

Answer 26

True

Question 27

What causes for a WIDER CI Width?

Answer 27

1. Increase % Confidence
2. Decrease Alpha
3. Increase Standard Error
4. Decrease Sample Size

Question 28

What causes for a NARROWER CI Width?

Answer 28

1. Decrease % Confidence
2. Increase Alpha
3. Decrease Standard Error
4. Increase Sample Size

Question 29

Wider CI Intervals means what?

Answer 29

Less Precise Estimate

Question 30

Narrower CI Intervals means what?

Answer 30

More Precise Estimate

Question 31

If the Confidence Interval does NOT contain the NULL Value =

Answer 31

REJECT the null hypothesis

Question 32

If the Confidence Interval DOES contain the NULL Value =

Answer 32

We FAIL to reject the null hypothesis

Question 33

What is the null value for a test of DIFFERENCE?

Answer 33

= 0
0 = NOT different from each other

Question 34

What is the null value for a test of ratios (2 quantities

Answer 34

=1