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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Population
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Population Mean
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Sample Mean
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Population Standard Deviation
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Detailed explanation-1: -Population Mean is denoted by the following formula: =∑X / N. Here, is the population mean. ∑X is the sum of all the observations in the population. N is the population size or the number of total variables in the data set.
Detailed explanation-2: -Statistics such as averages and standard deviations, when taken from populations are referred to as population parameters. They are often denoted by Greek letters: the population mean is denoted by (mu) and the standard deviation denoted by (low case sigma)
Detailed explanation-3: -The arithmetic mean of random sample values drawn from the population is called sample mean. The arithmetic mean of the entire population is called population mean. The sample is represented by x̄ (pronounced as an x bar). On the other hand, population mean is labelled as (Greek term mu).
Detailed explanation-4: -According to this Wikipedia entry, “Mu was derived from the Egyptian hieroglyphic symbol for water, which had been simplified by the Phoenicians and named after their word for water".