Population Parameter Estimation

Statistical inference entails estimation and hypothesis testing and makes propositions about populations and use data collected from a sample randomly drawn from a population. We use mathematical statistics to estimate population parameters, such as average and total values when we do not have enough resources (including money and time) to study the whole population. There are two types of estimation, which we can do, namely, point estimation and interval estimation. Interval estimation is better because we attach a confidence level (say 95%) of estimation.





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