Identify and Explain the Significance of the Following Names, Terms

question 22

Short Answer

Identify and explain the significance of the following names, terms, or concepts.
-John Stuart Mill

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Definitions:

Population Mean

The average of all the values in a population, serving as a measure of central tendency.

Sample Mean

The average value calculated from a sample of data points, used as an estimate of the population mean.

Sample Median

The middle value of a sample data set arranged in ascending or descending order, used as a measure of central tendency.

Bootstrapping

A statistical method that resamples a single dataset to create many simulated samples, used in assessing the precision of sample estimates.