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Ch8PPT - Chapter 8 Estimation Estimation Defined Confidence...

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Chapter 8 – 1 Chapter 8: Estimation Estimation Defined Confidence Levels Confidence Intervals Confidence Interval Precision Standard Error of the Mean Sample Size Standard Deviation Confidence Intervals for Proportions
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Chapter 8 – 2 Estimation Defined: Estimation – A process whereby we select a random sample from a population and use a sample statistic to estimate a population parameter .
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Chapter 8 – 3 Point and Interval Estimation Point Estimate – A sample statistic used to estimate the exact value of a population parameter Confidence interval ( interval estimate ) A range of values defined by the confidence level within which the population parameter is estimated to fall. Confidence Level – The likelihood, expressed as a percentage or a probability , that a specified interval will contain the population parameter.
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Chapter 8 – 4 Estimations Lead to Inferences Take a subset of the population
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Chapter 8 – 5 Estimations Lead to Inferences Try and reach conclusions about the population
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Chapter 8 – 6 A population distribution – variation in the larger group that we want to know about. A distribution of sample observations – variation in the sample that we can observe. A sampling distribution – a normal distribution whose mean and standard deviation are unbiased estimates of the parameters and allows one to infer the parameters from the statistics. Inferential Statistics involves Three Distributions:
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Chapter 8 – 7 What does this Theorem tell us: Even if a population distribution is skewed, we know that the sampling distribution of the mean is normally distributed As the sample size gets larger, the mean of the sampling distribution becomes equal to the population mean
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