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Lecture notes Commercial maths (Scma)
- Course
- Commercial maths (SCMA)
- Institution
- University Of Limpopo (UL)
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INTRODUCTIONTO ESTIMATION
CHAPTER 1
By Setsweke Nkwane, Commercial Mathematics, Estimation
, Concepts of Estimation
Statistical inference is the process by which we acquire informatio
and draw conclusions about populations from samples.
There are two general procedures for making inferences abou
population:
Estimation and Hypothesis testing.
■ With Estimation procedures, we determine the approxima
values of population parameters on the basis of a samp
statistics, and while
■ With Hypothesis Testing procedures, we must accept or reje
assertions (claims) about populations and/or their parameters.
By Setsweke Nkwane, Commercial Mathematics, Estimation
, Continues…
The objective of estimation is to determine the approximate value of
population parameter on the basis of a sample statistic.
E.g., the sample mean (𝑥 ) is employed to estimate the population mean (𝜇).
There are two types of estimators:
■ Point Estimator
■ Interval Estimator
By Setsweke Nkwane, Commercial Mathematics, Estimation
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