Inferential Statistics
Terms
undefined, object
copy deck
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Parameter
-definition- - Numerical description of a POPULATION
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Statistics
-definition- - Numerical description of a SAMPLE
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Representative sample
-definition- - mirrors population from which it was drawn
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EPSEM
Equal probability of selcetion methods - Each member of the population has an equal probability of being selected
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Probability
-definition- - Mathematical likelihood that an event will occur
- To determine tthe probability of Event A OR Event B you need to...
- add (+)the probability fractions together
- To determine tthe probability of Event A AND Event B you need to...
- multiply (*)the probabilty fractions
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Odds
-definition- - Changes against an event occuring
- Odds is ddetermined by...
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Subtracting the numerator in the probability fraction from the denominator
(1/4)...4-1=3...3 chances in 4 of not selecting a client -
Sampling distribution
-definition- - Theoretical frequency distribution of a sample statistic
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Central Limit Theorem
-definition- - The sampling distribution of themeans becomes more normal with the increase in the sample size
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Unibased Estimator
-definition- - Statistic that doesn't underestimate or overestimate its corresponding parameter
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Consistent Estimator
-definition- - Statistic that tends to get close to the value of the parameter as the sample size increases
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Efficient Estimator
-definition- - Statistic with a small standard error
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Interval Estimation
-definition- - Delineate a range of values wherein the targeted population parameter is expected to fall
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Confidence Interval
-definition- - A range of scores around a point estimate that says how much you are willing to risk that the parameter is in the interval
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Alpha
-definition- -
The risk factor
The probability of error - Most common alpha is...
- .05
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t-distributions
-definition- - bell-shaped, symmetrical with a mean of 0