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Sanjay is making a decision concerning which job he will accept. He remembers how it was in similar jobs in the past and anticipates potential rewards and problems on each of these jobs. Like all humans, Sanjay's decision making is greatly affected by information, expectations, and his perceptions and demonstrates the impact of
Unbiased Estimator
A statistical estimator that, on average, accurately reflects the parameter it estimates, without systematic error.
Sampling Distribution
The likelihood distribution of a statistic derived from a random sample.
Biased Estimator
An estimator is considered biased if it consistently overestimates or underestimates the parameter it is estimating.
Confidence Level
The probability that a confidence interval contains the true population parameter, expressing the degree of certainty in estimation.
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