Statistical Estimates & Hypothesis

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Point Estimate

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A single value estimate of a parameter.

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Interval Estimate

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A range of values used to estimate a parameter.

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Confidence Interval

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A range of values derived from a data set that is likely to contain the value of an unknown population parameter.

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Statistical Estimation

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a process of using sample statistics to estimate the corresponding unknown population parameters.

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Confidence

Level

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Degree of certainty or probability that is  associated with the interval estimate. Commonly used levels are 90%, 95% and 99%

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Hypothesis testing

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a statistical method used to determine if there is enough evidence in a sample data to draw conclusions about a population. It involves formulating two competing hypotheses, the null hypothesis (H0) and the alternative hypothesis (Ha), and then collecting data to assess the evidence.

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a null hypothesis

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is a statement that proposes there is no significant difference or effect between variables, essentially assuming "nothing is happening

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an alternative hypothesis

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is the statement that there is a significant difference or effect, representing the researcher's prediction or the claim they are trying to prove

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Type 1 error

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is the rejection of the null hypothesis when it is actually true.

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type II error

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is the failure to reject a null hypothesis that is actually false.