Two estimates are available for the same population parameter. Estimate one has a standard deviation of...
Two estimates are available for the same population parameter. Estimate one has a standard deviation of 4.6 and estimate two has a standard deviation of 4.7. Estimate two is not consistent, whereas estimate one is consistent. Which estimate would you choose and why? Could anything else affect this decision?
Homework Answers
Solution:
Standard deviationSD of Estimate one E1 =4.6
Variation of E1 =4.6 =21.16
Standard deviation of Estimate two E2 =4.7
Variation of E2 =4.7 =22.09
Variation of E1 is very small so Estimate 1 is consistent and Estimate 2 is not consistent
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