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Unformatted text preview: Recall : We estimate the population mean with the sample mean x . This is called the point estimate of . Now : We develop an interval estimate of . Takes the form x margin of error Provides information about how close the point estimate x is to the value of the population parameter . We will consider two cases: 1. known 2. unknown Population Mean: Known Generally, is unknown. But in some cases we may assume 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 = 0 . 28. The point estimate of the population mean : 1 What is the sampling distribution of x ? Mean: Standard deviation x : Shape: What is the probability that x is between  1 . 96 x and + 1 . 96 x ? We will take 1 . 96 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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 Fall '10
 Jager,AbigailL

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