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6.1 - STAT3000 Chapter 6 Estimating with Confidence The two...

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Unformatted text preview: STAT3000 Chapter 6: Estimating with Confidence The two most prominent types of formal statistical inference are: • confidence intervals • tests of significance Both types of inference are based on the sampling distributions of statistics. That is, both utilize probabilities based on what would happen if we used the inference method many times. When you use statistical inference you are assuming the data come from a random sample or a randomized experiment. Therefore, a trustworthy probability model can be applied. 121 STAT3000 Section 6.1: Estimating with Confidence point estimate – a single number calculated from the sample data that can be used as an estimate of a population parameter. x is a point estimate of μ . s 2 is a point estimate of σ 2 . s is a point estimate of σ . ˆ p is a point estimate of p. 122 interval estimate (or confidence interval) – an interval of numbers calculated from the sample data that can be used as an estimate of a population parameter. confidence level – a value chosen to represent how confident we are in our statistical method. Typically, confidence levels are set at 90%, 95%, or 99%. If our confidence level is 90% and if we were to draw repeated random samples of the same size from a population and form confidence intervals each time, approximately 90% of the intervals would contain the true, unknown population...
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6.1 - STAT3000 Chapter 6 Estimating with Confidence The two...

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