what is the parameter of interest
In statistics, the parameter of interest refers to the characteristic or value that we want to estimate or draw conclusions about in a population
In statistics, the parameter of interest refers to the characteristic or value that we want to estimate or draw conclusions about in a population. In simpler terms, it is the unknown quantity that we are interested in measuring or understanding.
For example, if we want to study the average height of all students in a school, the parameter of interest would be the population mean height. In another scenario, if we are investigating the proportion of people who prefer a specific brand of coffee, the parameter of interest would be the population proportion.
It is important to note that in most cases, it is not possible to measure the entire population due to practical limitations such as time, resources, and feasibility. Therefore, we take a random sample from the population and use sample statistics to estimate the unknown population parameter.
The parameter of interest is crucial as it defines the objective of the study and guides the selection of appropriate statistical methods for analysis.
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