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2.1 Interval Estimation - sigma known [Key Concepts - short]

# 2.1 Interval Estimation - sigma known [Key Concepts -...

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© 2008 by Harvey A. Singer 1 OM 210:  Statistical Analysis for  Management 2 Confidence Interval Estimation of Means 2.1 σ Known Dr. Harvey A. Singer School of Management George Mason University

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© 2008 by Harvey A. Singer 2 Confidence Interval Estimation Confidence Intervals Mean Proportion Variance σ Unknown Finite Populations σ Known
© 2008 by Harvey A. Singer 3 Margin of Error Using x to estimate μ The chance is (1 – α ) that the estimate for μ will be off either way from x by at most the margin of error E , where The unknown population mean is some value anywhere in 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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4 Probability Statements There is a (1 – α ) × 100% chance that the margin of error E is Can be (1 – α ) × 100% confident that the actual but unknown mean μ is some value anywhere within the interval between x E and x + E . There is an
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2.1 Interval Estimation - sigma known [Key Concepts -...

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