STATISTICAL TECHNIQUES AND TOOLS
CONFIDENCE INTERVALS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Which of the following is the definition of a “point estimate?”
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The average of a population.
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The average of a sample.
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The midpoint of a confidence interval.
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The confidence interval.
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Explanation:
Detailed explanation-1: -A point estimate definition is a calculation where a sample statistic is used to estimate or approximate an unknown population parameter. For example, the average height of a random sample can be used to estimate the average height of a larger population.
Detailed explanation-2: -A the midpoint of a confidence interval is a point estimate of the population parameter. Confidence intervals for a population mean based on a sample are constructed by multiplying the standard error of a point estimate by a reliability factor, and adding this value to, and subtracting it from, the point estimate.
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