STATISTICAL TECHNIQUES AND TOOLS
CONCEPT OF POINT AND INTERVAL ESTIMATION
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A property of a point estimator that occurs whenever a large sample sizes tend to provide point estimates closer to the population parameter
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efficiency
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unbiased
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consistency
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relative estimation
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Explanation:
Detailed explanation-1: -Consistency is the correct answer for the problem.
Detailed explanation-2: -It is desirable for a point estimate to be: (1) Consistent. The larger the sample size, the more accurate the estimate. (2) Unbiased. The expectation of the observed values of many samples (“average observation value”) equals the corresponding population parameter.
Detailed explanation-3: -The difference between the expected value of the estimator and the value of the parameter being estimated is referred to as the bias of a point estimator. Therefore, the estimator is considered unbiased when the estimated value of the parameter and the value of the parameter being estimated is equal.
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