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Draft Lecture 5 ECN 221 Spring 2008

Draft Lecture 5 ECN 221 Spring 2008 - Estimation by...

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Learning Objectives 1. State What Is Being Estimated 2. Distinguish Point & Interval Estimates 3. Explain Interval Estimates 4. Compute Confidence Interval Estimates for Population Mean & Proportion Estimation by Confidence Intervals
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Statistical Methods Statistical Methods Estimation Hypothesis Testing Inferential Statistics Descriptive Statistics Presentational Statistics
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Estimation Process Mean, μ , is unknown Population Sample Mean f8e5 X = 50 Random Sample I am 95% confident that μ is between 40 & 60.
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Unknown Population Parameters Are Estimated Estimate Population Parameter... with Sample Statistic Differences μ 1 - μ 2 f8e5 x 1 - f8e5 x 2 Variance σ 2 s 2 ^ Proportion p p Mean μ f8e5 x
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Estimation Methods Estimation Interval Estimation Point Estimation
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Point Estimation 1. Provides a single value Based on observations from one sample 2. Gives no information about how close the value is to the unknown population parameter 1. Example: Sample mean x = 3 is point estimate of unknown population mean
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Estimation Methods Estimation Interval Estimation Point Estimation
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Interval Estimation 1. Provides a range of values Based on observations from one sample 2. Gives information about closeness to unknown population parameter Stated in terms of probability Knowing exact closeness requires knowing unknown population parameter 3. Example: Unknown population mean lies between 50 and 70 with 95% confidence
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