Estimated Mean

#interview #statistics

AKA sample mean
Estimated mean is different from the population mean`
Estimated mean is defined by $\bar{x}$ whereas population mean is defined by $μ$

Formula of Sample Mean / Estimated Mean

$\bar{x} = \frac{\sum_{i}^{N} x_{i}}{N - 1}$

If we use N rather than N-1 on the denominator we will underestimate the value of the mean.

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