An Innovative Approach to Determine Finite Population Mean
- 1. Amity University, Mumbai
- 2. Jagan Institute of Management, IIT Kharagpur
- 3. National Institute of Securities Markets, India
Description
Abstract: This study aims to devise an innovative ratio estimator that can be utilized for the accurate determination of outcomes through the utilization of auxiliary variables. The practice of employing an adjusted estimator to perform computations on the average of variables in a survey sample by utilizing the pre-existing knowledge is referred to as the property of modified estimation. An innovative approach for estimating the Mean Square Error (MSE) is proposed, which involves the utilization of auxiliary variables. The entire process is presented in a step-by-step manner. The estimator that has been proposed has the potential to enable the derivation of parametric models that are more precise. This is particularly advantageous to the domains of science, clinical research, pharmaceuticals, and medicine. The recently obtained approximation surpasses the presently employed estimator and exhibits a higher degree of informational efficacy.
Keywords: Auxiliary Variable, Mean Square Error
JEL Classification Number: C10M C18, C19
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