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Lecture27[1]

# Lecture27[1] - Lecture 27 Central Limit Theorem Sections...

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Central Limit Theorem Sections 7.3 & 7.5 Lecture 27

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Point Estimation Suppose we are given the following dataset: Salary &Training Status for EAI Managers Annual Salary Training Program Annual Salary Training Program \$49,094.30 Yes \$55,924.00 Yes \$53,263.90 Yes \$49,092.30 Yes \$49,643.50 Yes \$57,268.40 No \$49,894.90 Yes \$55,688.80 Yes \$47,621.60 No \$51,564.70 No
Point Estimation Suppose we would like to know the average annual salary and standard deviation for EAI managers, but we do not have the salaries for ALL managers. Therefore, we would need to estimate that average. The same would apply if we wanted to find what proportion of managers completed the training program. Remember we discussed early in class that we could estimate μ with x

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Point Estimation Sample Mean: Sample Standard Deviation: Sample Proportion: 519,056.40 10 i x x n \$51,905.64 2 ( ) 1 i x x s n \$75.94 3 10 x p n 0.3
Point Estimation Sample Statistic A value used to estimate a population parameter.

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