BUSINESS ADMINISTRATION
BUSINESS ANALYTICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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____ refers to the use of sample data to calculate a range of values that is believed to include the value of the population parameter.
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Interval estimation
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Hypothesis testing
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Statistical inference
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Point estimation
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Explanation:
Detailed explanation-1: -A confidence interval is a range of values, bounded above and below the statistic’s mean, that likely would contain an unknown population parameter.
Detailed explanation-2: -A point estimate is a value of a sample statistic that is used as a single estimate of a population parameter.
Detailed explanation-3: -I. Interval estimation. The particular value chosen as most likely for a population parameter is called the point estimate.
Detailed explanation-4: -In inferential statistics, we use sample statistics to estimate population parameters.
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