Question

For the study described below, identify the population parameter. A bank manager wants to know the average amount of time customers of his bank have to wait in line. 300 customers were polled and asked their average wait time at the bank. 27 of the 300 people were extremely dissatisfied with the amount of time they had had to wait in line in recent months.A) The 300 customers poll

B) The 27 people who were dissatisfied
C) The customers who were waiting in line at the bank the day of the poll
D) All customers of the bank

Answer 1

The population parameter is the average wait time for all the bank's customers.

Explanation:

The population parameter is a numerical value that defines a specific characteristic of the population. For example, the population mean describes the average value of the population, the population variance describes the variance of the population and the population proportion describes the proportion of a certain variable in the population.

The sample statistic is a numerical value that defines a specific characteristic of the sample that is selected from the population. The examples of sample statistic are, sample mean, sample variance and sample proportion.

In this case it is provided that the bank manager wants to know the average amount of time customers of his bank have to wait in line.

The experiment involved, asking 300 customers about their average wait time at the bank.

So, the parameter under study is the mean time the customers have to wait at the bank.

Hence, the population parameter is the average wait time for all the bank's customers.