20 to 1 is the so called point estimate of the population odds. another friend of Lara may quote 15 to 2 in her sample. no one has the entire population data. To account for uncertainty of point estimates from different small samples a so called statistical confidence limit estimate is made. Thus one can say that if the population ratio …
20 to 1 is the so called point estimate of the population odds. another friend of Lara may quote 15 to 2 in her sample. no one has the entire population data. To account for uncertainty of point estimates from different small samples a so called statistical confidence limit estimate is made. Thus one can say that if the population ratio was less than 5 to 1 then chance of Lara seeing 20 to 1 in her sample circle is miniscule like 1 in million. since she saw that, the population ratio is at least 5 to 1 with extremely high statistical confdence or a near certainty. This is statistical inferenctheory works to make high confidence estimates of the unknown population metric from a small sample point observation
20 to 1 is the so called point estimate of the population odds. another friend of Lara may quote 15 to 2 in her sample. no one has the entire population data. To account for uncertainty of point estimates from different small samples a so called statistical confidence limit estimate is made. Thus one can say that if the population ratio was less than 5 to 1 then chance of Lara seeing 20 to 1 in her sample circle is miniscule like 1 in million. since she saw that, the population ratio is at least 5 to 1 with extremely high statistical confdence or a near certainty. This is statistical inferenctheory works to make high confidence estimates of the unknown population metric from a small sample point observation