1
Q
What is an outlier?
A
An observation value that exceeds 3 standard deviations from the mean
2
Q
What are the 2 types of estimates of parameters?
A
- Point estimate
- Interval estimate
3
Q
Point Estimate
A
Single number representing the best guess for a parameter
4
Q
Interval Estimate
A
Interval of numbers around the point estimate where the parameter value is believed to fall
5
Q
What is “efficient” in statistics?
A
If it falls closer on the average than other estimators to the parameter
6
Q
A
Denotes an estimator of a parameter
7
Q
Standard Error
A
A tool used to measure our ability to consider sample statistics as population parameters
8
Q
Confidence Interval
A
- The value that determines how close the estimate is to the parameter
- AKA Margin of error
