Determine whether the given value is a statistic or a parameter. A sample of employees is selected and it is found that 65% own a vehicle.
There are few terms that are widely used in Statistics:
(1)
Random variable: Variable means a notation that takes varying values. For example, X can denote a variable that can take values from 0 to 9. If the experiment is designed in a manner that the variable can take any value randomly, it is called a random variable.
For example, X denotes the number of heads obtained in an experiment where 2 coins are tossed. Then the possible values of x can be 0, 1 and 2.
(2)
Point estimate: In the process of estimation, when the sample data is used to find a single value to estimate the parameter of the population, it is known as the point estimate.
(3)
Interval estimate: In the process of estimation, when the sample data is used to find a range of various values, within which there are more chances of locating the population parameter, then this range is called interval estimate.
Step by step
Solved in 3 steps
