Estimation of Population Parameters

Actual Values for any Population Parameter
In most cases, it is hard to know the actual value of any population parameter due to the large magnitude of the population. The population is normally a large collection of objects or individuals from which information is desired. A description of the entire population using a summary number is referred to as the population. Measuring the entire population is only achievable if the population size is small or if the study entails a nationwide census (Cramér, 2016). The population mean and standard deviation, in that case, are two parameters that can be estimated.
How Sample Size Affects the Estimate of Population Parameter
The sample size determines the amount of information that can be acquired, which influences the level of precision of the confidence level placed on the sample estimates. An estimate is always associated with some degree of uncertainty, which is influenced by the variability in data and the sample size. The variability of data is provided by the standard error. The standard error is a function of standard deviation and sample size. The formula for standard error is standards deviation divided by square root of sample size. This thereby indicates that standard error decreases as the sample size increases (Diong, 2016).
Margin of Error in Estimation of Population Parameter
A margin of error refers to the range of values below and above the sample statistic in a confidence interval. The confidence interval is a means of pointing out the uncertainty with a certain statistic. The margin of error indicates how many percentage points of the results might be different from the real population value. The calculation of margin of error reveals that there is a room for error in the process of statistical estimation. Notably, it is not possible to use a sample in estimation and acquire 100% accuracy. This is because the sample is drawn from the population and only meant to make an inference of general characteristics of the population.

References
Cramér, H. (2016). Mathematical methods of statistics (PMS-9) (Vol. 9). Princeton university press.
Diong, J. (2016). How Does Sample Size Affect Precision of Estimates? Scientifically Sound. Retrieved from https://scientificallysound.org/2016/03/03/how-does-sample-size-affect-precision-of-estimates/

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