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4 Cards in this Set
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The inferential process of using a sample statistic to estimate the value of an unknown population parameter
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Estimation
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A single number is used to estimate the value of an unknown parameter. The result is a precise estimate, but without confidence.
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Point estimate
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A range of values is used to estimate an unknown parameter. The result is a less precise estimate but there is a gain in confidence.
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Interval estimate
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An interval that is described in terms of the level (percentage) of confidence in the accuracy of the estimation
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Confidence interval
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