p-hat is the estimated proportion of a population based on a sample. It represents the ratio of successes to the total number of observations in the sample.
Imagine you have a bag of 100 candies, and you want to know what proportion are red. You randomly select 20 candies from the bag and find that 5 of them are red. The p-hat would be 5/20, or 0.25, indicating that approximately 25% of the candies in the bag are red.
Population Proportion: The true proportion of a characteristic in an entire population.
Sampling Distribution: A distribution that shows all possible values for a statistic (such as p-hat) based on different samples taken from the same population.
Confidence Interval: A range of values within which we can be confident that the true population parameter lies, based on our sample data.
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