Question
You have decided to model an input process for a simulation study using an exponential distribution...
You have decided to model an input process for a simulation study using an exponential distribution for the arrival process. From a random sample of data, you obtain the following statistics: sample mean = 25, sample variance = 529, sample median = 20, min value = 3, max value = 60. The best point estimate for the unknown parameter for this exponential arrival process is:
Homework Answers
Answer #1
The Sample Mean is not only unbiased but also it is consistent and efficient.
Therefore , the sample mean is the best point estimate for the unknown parameter of the exponential arrival process . Here , the sample mean is 25 (which is already given)
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