InferenceExamples - One-Sample Inference Review Portions of...

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1 Inference Review 1 One-Sample Inference Review Portions of Chapters 8-9 (e-book only) Inference Review 2 One-Sample Inference During the last half of your prerequisite course (STA2023 on campus), you would have covered basic confidence interval estimates and hypothesis tests. We will review these quickly by looking at several examples. A detailed explanation of each one is on the MyStatLab site.
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2 Inference Review 3 Confidence Intervals An interval estimate is a range of values for some population parameter, for example: 133 < μ < 163. The interval is derived using probability from some distribution. If, for example, .95 probability is used, we call the result a 95% confidence interval . Inference Review 4 Symmetric intervals Many intervals have a symmetric form and can be stated: point estimate ± ME Here point estimate is our “best guess” of the population parameter’s value and ME is the estimator’s margin of error.
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3 Inference Review 5 Example 1: Patient Expenses Administrators at St. Regis Hospital want to know the average amount spent on medical expenses for patients admitted last year. Past studies have shown that the standard deviation per patient was about $500. From last year’s admissions, a sample of 200 patients had an average expense of $5230. Use this info to make a 90% interval estimate. Inference Review 6 Interval when σ is known We will use for the sample mean and n for the sample size. Interval is: ( Z is a value from the standard normal distribution.) n z X σ ± X
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4 Inference Review 7 Computations Interval: Interpretation: Inference Review 8 Using PhStat
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5 Inference Review 9 Need more help? In the e-book, this topic is covered in section 8.1. A video about the medical expense example is on the MyStatLab site.
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This note was uploaded on 02/12/2011 for the course QMB 3250 taught by Professor Thompson during the Spring '08 term at University of Florida.

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InferenceExamples - One-Sample Inference Review Portions of...

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