Characteristics such as the population mean, the population variance, and the population proportion are called parameters of the population. Theory of estimation 1. The following are common types of risk estimate. In these cases, the statistics can't be used since the sample hasn't been taken yet. Random variables and probability distributions, Estimation procedures for two populations, Analysis of variance and significance testing. 10.4 Kernel Density Estimation 396 11 Estimation and estimators 405 11.1 Maximum Likelihood Estimation (MLE) 409 11.2 Bayesian estimation 414 12 Classical tests 417 12.1 Goodness of fit tests 420 12.1.1 Anderson-Darling 421 12.1.2 Chi-square test 423 12.1.3 Kolmogorov-Smirnov 426 12.1.4 Ryan-Joiner 428 12.1.5 Shapiro-Wilk 429 12.1.6 Jarque-Bera 431 Therefore we estimate an interval/ range  of values (set of values) within which the population parameter is expected to lie with a certain degree of confidence. There are two type of estimation statistics, confidence intervals and parameter estimation. Which of the two … For example, they can be used to measure risk exposure and risk reduction. Descriptive statistics can include numbers, charts, tables, graphs, or other data visualization types to present raw data. All the elements of interest in a particular study form the population. Parametric estimatingentails the analysis of cost, programmatic and technical data to identify cost drivers and develop cost models. For example, \$a<\bar{x}