Here are the essential concepts you must grasp in order to answer the question correctly.
Point Estimate
A point estimate is a single value used to estimate a population parameter. In this context, the point estimate of the population mean is calculated by taking the average of the winning times of the sampled Boston Marathon champions. It provides a quick summary of the data and serves as a best guess for the true population mean.
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Population Mean
The population mean is the average of all values in a population, representing a central tendency. It is a key parameter in statistics, often denoted by the symbol μ. In this case, the population mean would reflect the average winning time of all Boston Marathon Women’s Open Division champions from 1980 to 2019, which we aim to estimate using the sample data.
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Standard Deviation
Standard deviation is a measure of the amount of variation or dispersion in a set of values. It indicates how much individual data points differ from the mean. In this question, the population standard deviation is given as 0.068 hours, which helps assess the reliability of the point estimate and the spread of winning times among the sampled champions.
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