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Estimation
What is estimation in banking statistics?
Using sample statistics to infer unknown population parameters when full census is impractical.
Distinguish population parameter from sample statistic.
Parameter: fixed unknown measure of population (μ, p, σ). Statistic: computed measure from sample (x̄, p̂, s).
What is the difference between estimator and estimate?
Estimator is formula/method; estimate is specific numerical value from applying estimator to a sample.
Name the four criteria for a good estimator (BCES).
Bias-free (Unbiased), Consistent, Efficient, Sufficient.
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