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10 UCF QMB 3200 Final Exam key Terms Definition 1.Parameter
: A numerical characteristic of a population, such as a population mean
µ, a population standard deviation Ãa, population proportion p, and so on.
2.Target population
: The population for which statistical inferences such as point estimates
are made. It is important for the target population to correspond as closely as possible to the sampled population.
3.Sampled population
: The population from which the sample is taken.
4.Sampling distribution
: A probability distribution consisting of all possible values of a sample
statistic.
5.Sample statistic 1 / 2
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: A sample characteristic, such as a sample mean bar(x), a sample
standard deviation s, a sample proportion bar(p), and so on. The value of the sample statistic is used to estimate the value of the corresponding population parameter.
6.Finite population correction factor
: the term((N-1)/(n-1)) that is used in the formulas for standard
deviation of x bar and p bar whenever a finite population, rather than an infinite population, is being sampled. the generally expected rule of thumb is to ignore this when n/N d .05 7.Simple random sample
: A simple random sample of size n from a finite popula- tion of size N is
a sample selected such that each possible sample of size n has the same probability of being selected.
8.Standard error
: The standard deviation of a point estimator.
9.Point estimator
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