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As an example of a situation in which several different statistics could reasonably be used to calculate a point estimate, consider a population of N invoices. Associated with each invoice is its "book value," the recorded amount of that invoice. Let T denote the total book value, a known amount. Some of these book values are erroneous. An audit will be carried out by randomly selecting n invoices and determining the audited (correct) value for each one. Suppose that the sample gives the following results (in dollars). Let Book value Audited value Error Invoice 1 2 3 4 5 279 696 515 221 114 279 531 515 221 175 0 165 0 0 -61 Y = sample mean book value X = sample mean audited value D sample mean error

As an example of a situation in which several different statistics could reasonably be used to calculate a point estimate, consider a population of N invoices. Associated with each invoice is its "book value," the recorded amount of that invoice. Let T denote the total book value, a known amount. Some of these book values are erroneous. An audit will be carried out by randomly selecting n invoices and determining the audited (correct) value for each one. Suppose that the sample gives the following results (in dollars). Let Book value Audited value Error Invoice 1 2 3 4 5 279 696 515 221 114 279 531 515 221 175 0 165 0 0 -61 Y = sample mean book value X = sample mean audited value D sample mean error

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter10: Statistics
Section10.4: Distributions Of Data
Problem 19PFA
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As an example of a situation in which several different statistics could reasonably be used to calculate a point estimate, consider a population of W invoices. Associated with each invoice is its "book value," the recorded amount of that invoice. Let T denote the total book value, a known amount. Some of these book values are erroneous. An audit will be carried out by randomly selecting n invoices and determining the audited (correct) value for each one. Suppose that the sample gives the following results (in dollars). Let ● NX X + N OX/N Book value Audited value Y = sample mean book value X = sample mean audited value D = sample mean error Error Propose a statistic for estimating the total audited (i.e., correct) value involving just N and X. N X 1-T-X/ Y OT+X/Y Propose a statistic for estimating the total audited (i.e., correct) value involving T, N, and D. OT+ND OT-ND OT.N/D TND Invoice 1 2 3 4 5 279 696 515 221 114 279 531 515 221 175 0 165 0 0 -61 Propose a statistic for estimating the total audited (i.e., correct) value involving T and X / Y. OT-X/Y OT-X/Y If N = 5000 and T = 1,761,200, calculate the corresponding point estimates. (Round your answers to the nearest whole number.) based on just N and X $ based on T, N, and D based on T and X/Y Need Help? $ $ Read It
Transcribed Image Text:As an example of a situation in which several different statistics could reasonably be used to calculate a point estimate, consider a population of W invoices. Associated with each invoice is its "book value," the recorded amount of that invoice. Let T denote the total book value, a known amount. Some of these book values are erroneous. An audit will be carried out by randomly selecting n invoices and determining the audited (correct) value for each one. Suppose that the sample gives the following results (in dollars). Let ● NX X + N OX/N Book value Audited value Y = sample mean book value X = sample mean audited value D = sample mean error Error Propose a statistic for estimating the total audited (i.e., correct) value involving just N and X. N X 1-T-X/ Y OT+X/Y Propose a statistic for estimating the total audited (i.e., correct) value involving T, N, and D. OT+ND OT-ND OT.N/D TND Invoice 1 2 3 4 5 279 696 515 221 114 279 531 515 221 175 0 165 0 0 -61 Propose a statistic for estimating the total audited (i.e., correct) value involving T and X / Y. OT-X/Y OT-X/Y If N = 5000 and T = 1,761,200, calculate the corresponding point estimates. (Round your answers to the nearest whole number.) based on just N and X $ based on T, N, and D based on T and X/Y Need Help? $ $ Read It
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