Point Estimate

Point Estimate - Point Estimate statistic computed from...

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Unformatted text preview: Point Estimate- statistic, computed from sample information, which is used to estimate the population parameter Confidence Interval – range of values constructed from sample data so that the population parameter is l ikely to occur within specific range. (Specified p – level of confidence) s N− n X±t n N−1 X ±z σ n x− µ t= x−µ x−µ z= x−µ N −n t= z= σ/ n N −1 s/ n s/ n σ/ n T distribution – continuous, bell-shaped, symmetrical, family of distributions (df), more spread out and f latter, increase n more normal Sample Size - Hypothesis – statement about a population parameter subject to verification (H0- Null, H1- Alt.); can be simple or composite -H0 and H1 are mutually exclusive and collectively exhaustive I f… (It is true but you reject it – type 1 or false alarm) (it is false but do not reject it – type 2) P-value is the probability of observing a sample value as extreme as, or more extreme than, the value observed, if the null hypothesis H0 is true Type II Error Sigma known 1 Unknown Proportion 2 Paired t-Test strategy: just compute the pairwise differences, and then do the one- sample t-test for m = 0 on the differences ...
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This note was uploaded on 11/04/2010 for the course SCM 200 taught by Professor Kumarsanjay during the Spring '08 term at Penn State.

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Point Estimate - Point Estimate statistic computed from...

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