Introduction to Parameter Estimation

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1:56The population mean $\mu$ and population standard deviation $\sigma$ are parameters. They describe the whole population and are often unknown.

2:30The sample mean $\bar X$ and sample standard deviation $S$ are statistics. Different random samples can give different values of these quantities.

5:16A point estimate uses one number, such as $\hat\mu=\bar x$, to estimate a parameter. This is an estimate, not a claim that the unknown true $\mu$ equals the observed sample mean exactly. An interval estimate supplies a range using a stated procedure.

7:00The sample needs to relate appropriately to the target population. Random sampling can help control selection bias, but a random sample still has sampling variability; simply increasing a biased sample's size does not remove the bias.

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