STATISTICAL TECHNIQUES AND TOOLS
CONFIDENCE INTERVALS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The ____ is the maximum likely difference between the point estimate of a parameter and the actual value of the parameter.
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Point Estimate
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Inference
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Confidence Level
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Maximum Error of Estimate
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Explanation:
Detailed explanation-1: -The Margin of error is the maximum expected difference between the actual population parameter and a sample estimate of the parameter. In other words, it is the range of values above and below sample statistics.
Detailed explanation-2: -The absolute value of the difference between the sample mean, x̄, and the population mean, , written |x̄ − |, is called the sampling error.
Detailed explanation-3: -The error is the difference between the estimate (the value of the estimator for a particular sample), and the true value of the parameter.
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