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How are theory and practice interrelated?
Variance
A measure of the dispersion indicating how much the values in a data set differ from the mean.
Relatively Efficient
Describes a statistical estimator or procedure that has lower variance or better performance compared to others under certain conditions.
Point Estimate
A single value given as an estimate of a population parameter, often derived from sample data.
Population Parameter
A numerical value that characterizes a given population, such as mean or standard deviation.
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