2.3 Interval Estimation Key Concepts

2.3 Interval Estimation Key Concepts - Dr. Harvey A. Singer...

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© 2008 by Harvey A. Singer 1 OM 210:  Statistical Analysis for  Management 2 Confidence Interval Estimation of Means Dr. Harvey A. Singer School of Management George Mason University
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© 2008 by Harvey A. Singer 2 Confidence Interval for μ The probability is 1 – α or (1 – α ) × 100% that where E is the “margin of error” and E x E - x + μ
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© 2008 by Harvey A. Singer 3 σ Known If x is used to estimate μ , then the chance is (1 – α ) that the estimate will be off either way by at most the margin of error E where The unknown population mean is contained within an interval E on either side of the sample mean x (as the point estimate). n z z E x σ = σ = α α 2 2
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© 2008 by Harvey A. Singer 4 Critical z’s Confidence Level (1 – α ) x 100% Probability 1 - α Risk α Upper Tail Area α /2 z α /2 90 0.90 0.10 0.05 1.645 95 0.95 0.05 0.025 1.960 99 0.99 0.01 0.005 2.576 99.9 0.999 0.001 0.0005 3.290
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© 2008 by Harvey A. Singer 5 Determining Sample Sizes
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2.3 Interval Estimation Key Concepts - Dr. Harvey A. Singer...

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