Asked by
Anthony Whorton Jr
on Nov 26, 2024Verified
If a store manager has recently stated that she estimates the mean amount spent per customer per visit to be between $38.75 and $72.23, the numbers $38.75 and $72.23 are considered point estimates for the true population mean.
Point Estimates
Single values that serve as the best guess or prediction for an unknown population parameter.
Population Mean
The average of all the values in a population, representing the central point of a data set.
Store Manager
An individual responsible for overseeing the daily operations of a retail store, including managing staff, inventory, and customer service.
- Differentiate between point estimates and interval estimates.
Verified Answer
TA
Learning Objectives
- Differentiate between point estimates and interval estimates.