Chapter 7 we showed that the value of the sample mean x̄ provides a point estimate of the population mean μ and that the value of the sample proportion p provides a point estimate of the population proportion p. Since some degree of error due to sampling is anticipated, we cannot expect the value of a point estimate to be exactly equal to the corresponding population parameter.
information about the preci- Point estimates of population parameters do not provide sion, magnitude of the sampling error, present in the estimation process. Interval or over point estirnates in that interval estimates of population parameters have an advantage ormation is estimates provide the desired precision information. C ften the precision ini that essential in evaluating and interpreting the sample results. For example, assume sample is used to estimate the mean annual starting salary for recent college graduates with degrees in business administration Supp. se he sample mean for this study is
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