Precision of statistical estimation
- Width of a confidence interval gives a measure of the
precision of the statistical estimation
Estimation of population value can achieve higher
precision by minimizing S.E. , which depends on the
population s.d. and sample size, that is S.E. can be
minimized by maximizing sample size (up to a certain point)
X 1.96S.E.^ X X+1.96S.E.^
Low precision estimation
X X
X 1.96S.E.^ X X+1.96S.E.^
high precision estimation
X X
X
X