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statistic is a test used to test a hypothesis andestimation is finding the cost before it has been actually manufactured
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What is the difference between statistic and an estimate?
statistic is a test used to test a hypothesis andestimation is finding the cost before it has been actually manufactured
What is Confidence Intervals of Margin of Error?
The magnitude of difference between the statistic (point estimate) and the parameter (true state of nature), . This is estimated using the critical statistic and the standard error.
Estimate the difference between 750 and 1200?
The difference between 750 and 1200 is 450.
Difference between revised estimate and supplementary estimate?
A supplementary estimate refer to the additional or extra estimate. A revised estimate is the difference between the former budget estimates and the actual expenditure, which is usually presented in the next budget.
What is the difference between statistics and parameters?
Parameter is any attribute Statistic are the measured values of a parameter. A statistic is a sample value such as the average height of a group of students. A parameter is a functional constant such as the mean of a normal distribution. Statistics are often used to estimate parameters. For instance, a sample average is an estimate of the mean.
