chap09 - 9- 1Chapter NineEstimation and Confidence...

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Unformatted text preview: 9- 1Chapter NineEstimation and Confidence IntervalsEstimation and Confidence Intervals GOALSONEDefine a what is meant by a point estimate.TWODefine the term level of level of confidence.THREEConstruct a confidence interval for the population mean when the population standard deviation is known.FOURConstruct a confidence interval for the population mean when the population standard deviation is unknown.Goals9- 2Chapter Nine continuedEstimation and Confidence IntervalsEstimation and Confidence IntervalsGOALSFIVEConstruct a confidence interval for the population proportion. SIXDetermine the sample size for attribute and variable sampling.Goals9- 3Point and Interval EstimatesA confidence intervalis a range of values within which the population parameter is expected to occur. The two confidence intervals that are used extensively are the 95% and the 99%.An Interval Estimatestates the range within which a population parameter probably lies.A point estimateis a single value (statistic) used to estimate a population value (parameter).9- 4Factors that Factors that determine the determine the width of a width of a confidence confidence intervalintervalPoint and Interval EstimatesThe sample size, nThe variability in the population, usually estimated by sThe desired level of confidence9- 5Interval EstimatesFor the 99% confidence interval, 99% of the sample means for a specified sample size will lie within 2.58 standard deviations of the hypothesized population mean.95% of the sample means for a specified sample size will lie within 1.96 standard deviations of the hypothesized population mean.For a 95% confidence interval about 95% of the similarly constructed intervals will contain the parameter being estimated.9- 6Standard Error of the Sample Meansσσxn=xσσthe standard deviation of the populationStandard Error of the Sample MeanStandard...
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This note was uploaded on 04/06/2009 for the course ECON 41 taught by Professor Guggenberger during the Spring '07 term at UCLA.

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chap09 - 9- 1Chapter NineEstimation and Confidence...

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