Brian Vanecek, VP of Operations at Portland Trust Bank, is evaluating the service level provided to walk-in customers.Accordingly, his staff recorded the waiting times for 45 randomly selected walk-in customers, and calculated that their mean waiting time was 15 minutes.If Brian concludes that the average waiting time for all walk-in customers is 15 minutes, he is using a ________.
A)a range estimate
B)a statistical parameter
C)an interval estimate
D)a point estimate
E)an exact estimate

Question

Quizplus · Accepted Answer

Brian is using a point estimate, which is a single value (in this case, the mean waiting time of 15 minutes) that serves as the best guess or best estimate of a population parameter (the average waiting time for all walk-in customers).

Brian Vanecek, VP of Operations at Portland Trust Bank, Is