Estimation
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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.
Why use (n−1) divisor in sample variance formula?
Using (n−1) makes sample variance s² an unbiased estimator of population variance σ².
Differentiate point estimate from interval estimate.
Point: single value. Interval: range with LCL, UCL, and stated confidence level.
How do confidence level and interval width relate?
Direct relationship: higher confidence level produces wider interval; lower level produces narrower interval.
Define standard error of the mean.
Standard deviation of sampling distribution; measures typical fluctuation of sample statistic across samples.
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