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Estimation and approximation
Sample means with small and large samples
Large sample
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harry
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What do we do if the population is not normally distributed?
Use
Central Limit Theorem
when the population distribution is unknown
and the sample is large (
n>30
)
the sample means are normally distributed
What do we do if the
population variance
/ standard deviation is unknown?
Unbiased estimates
:
when the population variance / standard deviation is unknown
and the sample is large (
n>30
)
the sample standard deviation / variance is an unbiased estimate