Two estimates are available for the same population parameter. Estimate one has

Question

Two estimates are available for the same population parameter. Estimate one has a standard deviation of 2.6 and estimate two has a standard deviation of 2.65. Which estimate would you choose and why? What other things must be taken into consideration? Two estimates are available for the same population parameter. Estimate one has a standard deviation of 2.6 and estimate two has a standard deviation of 2.65. Which estimate would you choose and why? What other things must be taken into consideration? Two estimates are available for the same population parameter. Estimate one has a standard deviation of 2.6 and estimate two has a standard deviation of 2.65. Which estimate would you choose and why? What other things must be taken into consideration?

Explanation / Answer

We will choose the larger one, 2.65.

We do this because we only have a sample (like extreme values we didn't get), so we want to play it safe.

We don't know many things about the population (we just have a sample), so we want to play it safe by recognizing that there could be more variability than we observed.

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