Which of the following statements applies to a point estimate?
A) The point estimate is a parameter.
B) The point estimate will tend to be accurate if the sample size exceeds 30 for non-normal populations.
C) The point estimate is subject to sampling error and will almost always be different from the population value.
D) The point estimate is needed to determine the required sample size when estimating the population mean.
Question 2
A run chart is a line chart in which ________.
A) the dependent variable is time and the independent variable is the value of some sample statistic
B) the independent variable is time and the dependent variable is the value of some sample statistic
C) the independent and the dependent variables are the same
D) the independent variable is the overall production costs and the dependent variable is time
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