Resampling refers to the act of repeatedly drawing samples from the original observed data sample for the statistical inference of population parameters. The following are the two commonly used methods of resampling: Bootstrap and jackknife. Bootstrap In the bootstrap resampling…

Confidence interval (CI) refers to a range of values within which statisticians believe the actual value of a certain population parameter lies. It is different from from a point estimate which is a single, specific numerical value.

A point estimator (PE) is a sample statistic used to estimate an unknown population parameter. It is a random variable and therefore varies from sample to sample. A good example of an estimator is the sample mean, \(x\), which helps…

The standard error (SE) of the sample mean refers to the standard deviation of the distribution of the sample means. It gives analysts an estimate of the variability they would expect if they were to draw multiple samples from the…

A population is the total number of elements in a group while a sample is a portion of the population. Sample statistics—quantities such as sample mean that describe sample data—generalize the information about the population parameter. As such, we draw…