- Estimates can be of high precision (that is with narrow confidence limits), but of low accuracy. This occurs when samples are not representative and the resulting estimates are lower or higher than the true data population value. When sample size increases precision also increases as a result of decreasing variability.
- There are scenarios in the life where we cannot predict/say the value of a quantity directly. In such cases we use averages to show an approximation or value to the quantity.
- Dec 23, 2020 · Commerce.gov is the official website of the United States Department of Commerce and Secretary of Commerce.
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