Previously, we defined a point estimate as a value of a statistic that estimates the value of a parameter. For example, a sample mean would estimate a population mean. Do you think most people trust...

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Previously, we defined a point estimate as a value of a statistic that estimates the value of a parameter. For example, a sample mean would estimate a population mean. Do you think most people trust point estimates for things that need to be measured? Why or why not? Please cite examples for your reasoning. Looking back over previous examples, how might adding confidence intervals help managers accept the results?
Answered Same DayApr 28, 2021BUS201

Answer To: Previously, we defined a point estimate as a value of a statistic that estimates the value of a...

Rajeswari answered on Apr 29 2021
102 Votes
Point estimation
In Statistics, in the long run, we find out the pattern any statistic follows. Fo
r example, if we go on tossing a coin a number of times, we find that the heads : tails ratio would be near some proportion. This may not be accurate for a single toss but in the long run we expect that the ratio would be like this.
Thus a parameter estimation also depends on the logic applied over in the previous paragraph. To estimate the mean of the population where population is very large and survey of whole population is cumbersome or costly, this estimation would give a light to the mean of the population as a whole.
The...
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