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Parameter
A numerical value that describes a specific characteristic of an entire population.
Population
The entire group of individuals or instances about whom we hope to learn.
Population Mean
Denoted by the Greek letter μ, it represents the average of all values in a population.
Population Proportion
Denoted by p, it represents the proportion of a certain characteristic in the population.
Population Standard Deviation
Denoted by the Greek letter σ, it measures the dispersion of a population's values.
Statistic
A numerical value that describes a characteristic of a sample.
Sample Mean
Denoted by x̄ (x-bar), used to estimate the population mean μ.
Sample Proportion
Denoted by ŷ (p-hat), used to estimate the population proportion p.
Sample Standard Deviation
Denoted by s, it estimates the population standard deviation σ.
Sampling Variability
The natural phenomenon that a statistic will vary from sample to sample.
Low Bias
When the average of the sampling distribution equals the true population parameter.
Low Variability
The spread of the sampling distribution is small, leading to more consistent estimates.
Unbiased Estimator
A statistic that does not systematically over- or under-estimate a population parameter.
High Bias, Low Variability
Estimates are consistently wrong but tightly clustered together.
Low Bias, High Variability
Estimates are centered but widely scattered around the true value.
Central Limit Theorem (CLT)
The theory that states the sampling distribution of the sample mean will be approximately normal if the sample size is sufficiently large.
Large Sample Condition
The rule that the CLT applies if the sample size n is 30 or more.
10% Condition
A guideline ensuring that the sample size n is no more than 10% of the population size N to treat observations as independent.
Independent Observations
A situation where the selection of one individual does not affect the selection of another.
Standard Deviation Formula for Means
The formula σ_x̄ = σ/n for calculating the standard deviation of the sampling distribution of the sample mean.
Standard Deviation Formula for Proportions
The formula σ_ŷ = √(p(1-p)/n) for calculating the standard deviation of the sampling distribution of the sample proportion.
Point Estimator
A statistic that provides a single best estimate of a population parameter.
Clustered Estimates
Estimates that are close to each other in value but may be far from the true population parameter.
Population Distribution
The distribution of a characteristic (e.g., height, weight) across the entire population.
Estimate Accuracy
A measure of how close the estimates are to the actual population parameters.
Sample Size n
The number of observations or individuals included in a sample.
Population Size N
The total number of individuals or instances in the population.