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Mmestimate is a specitc value of @ Statistic,
agen We observe a speane Value of our
Estimator, itis called estimate
Enka ne Mumber which is used fe estimate an
sextOwn population parameter (exar
(epost wil be Rs.4$ cr oe the end of year),
Interval estimate means a Fange of values used
to estimate the Population parameters
(eampie = Fa depose 4 pected to be
RS.S0 cr at the end of the
faihe above features are correct features of a
Point estimate,
wag interval estimate indicates the error in two
Br eceemely (1) by the extent of ie range (2)
BY brobablity of the true pepuisre Parameter
lying within that range,
Fe S2Mble statistics that is used tg estimate 3
ceppetn Parameter is caied estien The
sample mean can i
population mean,
Perri at Be Sed 25 am seiner a the
Population proportion,
Fhe sample statistics that is used to estimate a
eee ical een The
BeUDS Metta cal ates ecttnetg the
population mean,
Bore emt be USadlae on serine the
Population proportion,
‘here is 4 criterion to examine the gualty of an
estimator ie. (1) unbiased (2) efficiency (3)
Consistency (4) sufficiency,
When we are to compare two statistics from a
gervvic ofthe same ste to decide whch om 2
ests ENE estimator, we wou ick up the
SStimator which has smal: standard error or
#f2ndard deviation of the sampling distribution,
433 It indicates Consister Statistic is 3
tic
434 The sample mean ig the best estimator of the
Population mean
435° Total balance of aif Accounts = 1997 No, of
199.70
Seat JO SNe Steyr a 2
‘ation = Square root of {summation (x,
Pear)? / 1-1} = Square root of sep 10/(10-1)
* Square root of 29.12 = 5.49
487 Mean post-cosing dectine-= 1.2%. For R400
Inher ule be = 400 x4.2 «4 Fe
438 mean a slate method is used 6 ut the
by ealaane, 5 Me range, This woudl bongene
error of the mean
er epation by using the formals
Standard Error of the Mecn ° ‘Standard error /
Ao.
499 Interval estimate method Would be used which
cman be, done by calcuiating ‘tae standard
tar of the mean for infinite Population by
using the formula
Standerd Error of the Mean = Standard deviation /
‘square root of the no.
Ser the Mean = 5 / scuare root of 400 = 5
0 = 04 months (square root of spe 20)
26 - 0.4 months and 26 + 0.4 ‘months = 25.6
Months to 26.4 months
440 Here the sample coe’ ‘greater than 30 due to
which the central limit theorers ‘can be used,
Standard error of the mean tee an infinite population =
anord deviation / square root the number
£15 (scuare root of 225) "ten