Flashcards for Engineering Statistics Lecture Notes

These flashcards cover key vocabulary and concepts from the lecture notes on point estimation in Engineering Statistics.

Point Estimate

A single value that serves as the best approximation of a true population parameter.

Point Estimation

The process of providing a point estimate for an underlying population parameter.

Interval Estimate

A range of values that is used to estimate a population parameter with a specified degree of confidence.

Estimand

The quantity of interest in a statistical experiment that needs to be estimated.

Estimator

A rule or formula that provides an estimate of an estimand based on sample data.

Point Estimator

An estimator that produces a single, specific value as an estimate.

Bias of Estimator

The difference between the expected value of the estimator and the true value of the estimand.

Unbiased Estimator

An estimator whose expected value equals the true value of the parameter it estimates.

Minimum Variance Unbiased Estimator (MVUE)

An unbiased estimator that has the smallest variance among all unbiased estimators.

Standard Error

The standard deviation of the sampling distribution of a statistic.

Sampling Distribution

The probability distribution of a given statistic based on a random sample.

Data Sample

A set of values obtained from measurements or observations used to estimate population parameters.

Random Sample

A sample taken in such a way that each member of the population has an equal chance of being included.

Error in Estimation

The difference between the estimated value and the true value of the parameter.

Statistic

A function of the sample data used to estimate a population parameter.

Function of Random Variables

An expression formulated from random variables to represent specific characteristics.

Probability Density Function (PDF)

A function that describes the likelihood of a continuous random variable to take on a specific value.

Method of Moments

A technique used to derive estimators by equating sample moments to population moments.

Maximum Likelihood Estimation

A method of estimating the parameters of a statistical model that maximizes the likelihood function.

Normal Distribution

A continuous probability distribution characterized by its bell-shaped curve, defined by its mean and variance.

Mean of Random Variable

The expected value of a random variable, representing the center of its distribution.