The main idea of estimation is that a. data from the population is used to estimate unknown population parameters b. data from the sample is used to estimate unknown population parameters c. data from the sample is used to estimate unknown sample statistics d. data from the population is used to estimate unknown sample statistics e. None of the above

Question

Mya Jacobs

Mathematics

20 October, 12:34

The main idea of estimation is that a. data from the population is used to estimate unknown population parameters b. data from the sample is used to estimate unknown population parameters c. data from the sample is used to estimate unknown sample statistics d. data from the population is used to estimate unknown sample statistics e. None of the above

+5

Answers (1)

Know the Answer?

Tanya Roach · Answer 1

B. Data from the sample is used to estimate unknown population parameters.

Step-by-step explanation:

Estimation is a mathematical approach of ascertaining data which is almost equal or similar to the true data. To get a proper estimate, data is obtained from a sample, (that is a small collection of data), and is then used to obtain the projected population parameter.

Data is said to be overestimated when it surpasses the true value, and underestimated when it falls below the true value. Estimates simply provide an idea of what the exact or accurate value should be.

It has wide applications in mathematics when figures are approximated, as well as in business in making future predictions which inform present decisions.