Some Economic Considerations of Inefficient Statistics

Article

McElrath, Gayle W.; Bearman, Jacob E.   (1959, ASQC)   University of Minnesota

Industrial Quality Control    Vol. 16    No. 3
QICID: 4408    September 1959    pp. 10-14
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Article Abstract

Some quick and inexpensive statistical methods may be very useful and economical when the conditions do not allow lengthy and more costly statistical analysis. The authors discuss several sample statistics which can be used to estimate the same population characteristics. In addition, they consider the concept of statistical efficiency as a criterion in choosing the particular statistic which will be economically efficient in estimating the population value.

Keywords

Statistics


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