QMM Chapter 6-10 - 6-1 Quantitative Methods in...

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6-1 Quantitative Methods in Management (QMM)
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6-2 Chapter 6 Confidence Intervals
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6-3 Using Statistics Confidence Interval for the Population Mean When the Population Standard Deviation is Known Confidence Intervals for When is Unknown - The t Distribution Large-Sample Confidence Intervals for the Population Proportion p Confidence Intervals for the Population Variance Sample Size Determination The Templates Confidence Intervals 6
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6-4 Explain confidence intervals Compute confidence intervals for population means Compute confidence intervals for population proportions Compute confidence intervals for population variances Compute minimum sample sizes needed for an estimation Compute confidence intervals for special types of sampling methods Use templates for all confidence interval and sample size computations LEARNING OBJECTIVES 6 After studying this chapter you should be able to:
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6-5 Consider the following statements: x = 550 A single-valued estimate that conveys little information about the actual value of the population mean. We are 99% confident that is in the interval [449,551] An interval estimate which locates the population mean within a narrow interval, with a high level of confidence. We are 90% confident that is in the interval [400,700] An interval estimate which locates the population mean within a broader interval, with a lower level of confidence. 6-1 Using Statistics
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6-6 Point Estimate A single-valued estimate. A single element chosen from a sampling distribution. Conveys little information about the actual value of the population parameter, about the accuracy of the estimate . Confidence Interval or Interval Estimate An interval or range of values believed to include the unknown population parameter. Associated with the interval is a measure of the confidence we have that the interval does indeed contain the parameter of interest. Types of Estimators
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6-7 A confidence interval or interval estimate is a range or interval of numbers believed to include an unknown population parameter. Associated with the interval is a measure of the confidence we have that the interval does indeed contain the parameter of interest. A confidence interval or interval estimate has two components: A range or interval of values An associated level of confidence A confidence interval or interval estimate has two components: A range or interval of values An associated level of confidence Confidence Interval or Interval Estimate
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6-8 If the population distribution is normal , the sampling distribution of the mean is normal . If the sample is sufficiently large, regardless of the shape of the population distribution , the sampling distribution is normal (Central Limit Theorem).
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