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What is Bootstrapping

What is Bootstrapping

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To get customized help with your Statistics homework, visit http://classof1.com/homework-help/statistics-homework-help/

What is Bootstrapping:
This document explains what bootstrapping is, and the reasons for the name. It also explains when to use bootstrapping.
To get customized help with your Statistics homework, visit http://classof1.com/homework-help/statistics-homework-help/

What is Bootstrapping:
This document explains what bootstrapping is, and the reasons for the name. It also explains when to use bootstrapping.

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Published by: ClassOf1.com on Mar 12, 2014
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Statistics
 
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The Homework solutions from Classof1 are intended to help students understand the approach to solving the problem and not for submitting the same in lieu of their academic submissions for grades.
Subject: Statistics
 
What is Bootstrapping
Bootstrapping is an interesting process or technique of assigning measure of accuracy. Depended upon calculation, Bootstrapping can be used to any statistic to measure estimation.
 Definition
 According to the Cambridge dictionary of statistics
 
“A confidence interval is a
range of values, calculated from the sample observations that are believed, with a
particular probability, to contain the true parameter value. A 95% confidence
interval, for example, implies that were the estimation process repeated again and again, then 95% of the calculated intervals would be expected to contain the true
parameter value.”
 
 Reason for the name
The term has been derived from the expression "lifting oneself up by one's own  bootstraps". This refers to raising oneself up by one's own means. This is also called  bootstrap funding.
 Example
Let’s understand this with an interested example of a candy factory. Knowing that
the candy bars have mean weight. Since it is not feasible to weigh each candy that is produced in the factory, we use sampling techniques and randomly choose 100 candies. We calculate the mean of these 100 candies, and say that the population mean falls under a margin of error.
 
 *
The Homework solutions from Classof1 are intended to help students understand the approach to solving the problem and not for submitting the same in lieu of their academic submissions for grades.
Subject: Statistics
 
Suppose that after a couple of months, we want to know the mean candy weight on the day that we sampled the production line (with greater accuracy - or less of a margin of error).  We simply cannot use candies being produced today, as too many elements are now  being used like; sugar, different flavors of milk, cocoa beans, different atmospheric conditions, different employees etc. All that we have from the day that we are curious about are the 100 weights.
When to use bootstrapping?
 We can simply explain bootstrapping taking simple random sample from the observed sample of same size but with a replacement. This would mean each observation has equal probability of selecting in the sample.  We can use bootstrapping for inference and calculating confidence interval, in the case where the analytical inference is not easy and there is not explicit formula to calculate confidence interval. Generally when you take a measurement of a function, you land up measuring a couple of times more knowing there are errors. And then we look at the average result. This sample mean is a better estimator; however you are not really sure of the  variable. Bootstrapping is when you re-sample repeatedly to get a distribution of  your statistical measurement.

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