day14 - Recall We estimate the population mean μ with the...

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Unformatted text preview: Recall : We estimate the population mean μ with the sample mean ¯ x . This is called the point estimate of μ . Now : We develop an interval estimate of μ . • Takes the form ¯ x ± margin of error • Provides information about how close the point estimate ¯ x is to the value of the population parameter μ . We will consider two cases: 1. σ known 2. σ unknown Population Mean: σ Known Generally, σ is unknown. But in some cases we may assume σ is known. Example : A random sample of 120 students admitted to the top business schools yielded an average GPA of 3.37. Past data suggests that σ = 0 . 28. The point estimate of the population mean μ : 1 What is the sampling distribution of ¯ x ? • Mean: • Standard deviation σ ¯ x : • Shape: What is the probability that ¯ x is between μ- 1 . 96 σ ¯ x and μ + 1 . 96 σ ¯ x ? We will take 1 . 96 σ ¯ x to be our margin of error. In our example the margin of error is: 2 Our interval estimate for this example is: ¯ x ± margin of error...
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day14 - Recall We estimate the population mean μ with the...

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