QMB 3200 UCF FINAL VOCAB E XAM
QUESTIONS AND ANSWERS UPDATED
(2024/2025) (VERIFIED ANSWERS)
Point estimator - ANS ✓The sample statistic, such as bar(x), s, or bar(p), that
provides the point estimate of the population parameter.
Central limit theorem - ANS ✓A theorem that enables one to use the normal
probability distribution to approximate the sampling distribution of bar(x)
whenever the sample size is large.
Point estimate - ANS ✓The value of a point estimator used in a particular
instance as an estimate of a population parameter.
Unbiased - ANS ✓A property of a point estimator that is present when the
expected value of the point estimator is equal to the population parameter it
estimates.
Confidence interval - ANS ✓Another name for an interval estimate.
margin of error - ANS ✓The ± value added to and subtracted from a point
estimate in order to develop an interval estimate of a population parameter.
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Confidence coefficient - ANS ✓The confidence level expressed as a decimal
value. For example, .95 is the confidence coefficient for a 95% confidence level.
Degrees of freedom - ANS ✓A parameter of the t distribution. When the t
distribution is used in the computation of an interval estimate of a population
mean, the appropriate t distribution has n − 1 degrees of freedom, where n is the
size of the sample.
Confidence level - ANS ✓The confidence associated with an interval estimate.
For example, if an interval estimation procedure provides intervals such that
95% of the intervals formed using the procedure will include the population
parameter, the interval estimate is said to be constructed at the 95% confidence
level.
Null hypothesis - ANS ✓The hypothesis tentatively assumed true in the
hypothesis testing procedure.
Two-tailed test - ANS ✓A hypothesis test in which rejection of the null
hypothesis occurs for values of the test statistic in either tail of its sampling
distribution.
Alternative hypothesis - ANS ✓The hypothesis concluded to be true if the null
hypothesis is rejected.
p-value - ANS ✓A probability that provides a measure of the evidence against
the null hypothesis provided by the sample. Smaller p-values indicate more
QMB 3200
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