Confidence Intervals

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Click to edit Master subtitle style 3/20/11 Confidence Intervals
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3/20/11 Estimation Estimation is a form of statistical inference Estimation of population parameters Estimator – a formula/process for estimating a parameter from sample data Estimate – value/range of values used to approximate a parameter Point estimate – single value used to
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3/20/11 Estimation Point estimate Unbiased Smallest standard error of all estimators Interval estimate Indication of precision How ‘close’ is our estimate?
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3/20/11 Why intervals? Sampling variability Sample Sample Mean, Probability 3,3 3 1/9 3,4 3.5 1/9 3,11 7 1/9 4,3 3.5 1/9 4,4 4 1/9 4,11 7.5 1/9 11,3 7 1/9 11,4 7.5 1/9 11,11 11 1/9
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3/20/11 Confidence Intervals Confidence Interval Range of values used to estimate the true value of a population parameter Confidence Level/Degree of Confidence The probability that is relative frequency of times that the confidence interval contains the true value of the population parameter, assuming the procedure is
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3/20/11 Confidence Intervals Constructing CIs 1. Find point estimate and associated sample values 2. Determine α (level of significance) 3. Find critical value 4. Determine margin of error 5. Construct CI INTERPRET
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