Important Phrases

Population

a complete set of individual units of our interest. # Sample data points randomly chosen from the corresponding population. # Parameter is a quantity about an entire population. It is often unknown, therefor samples are taken to further comprehend the parameter of the variale/s being measured. # Statistic is a quantity about a selected sample. A calculated statistic is the best estimate of the unknown parameter. # Confidence Intervals a plausable range of values for the population parameter