1Topic #3-Statistical Inference-sport

1Topic #3-Statistical Inference-sport - 1 Slide Topic #3...

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Unformatted text preview: 1 Slide Topic #3 Statistical Inference Point Estimation Sampling Distribution of Sampling Distribution of Not on any exams Hypothesis Testing Interval Estimation Not on any exams O bj1 0 1 O bj1 0 2 2 Slide Form Your Team 3 Slide Is This Material Familiar? You should have already seen the material in this section. This should be a review for you. 4 Slide Statistical Inference Definitions A population is the set of all the elements of interest. All 54,000 UCF students A sample is a subset of the population. This class 5 Slide Statistical Inference Definitions (cont.) A parameter is a numerical characteristic of a population usually unknown value Example : mean of a variable Average GPA of all UCF students An estimate is a statistical approximation of a parameters value Average GPA in this class = 4.60 (!) 6 Slide Statistical Inference The purpose of statistical inference obtain information about a population from information contained in a sample The sample results provide only estimates of the values of the population characteristics With proper sampling methods , the sample results will provide good estimates of the population characteristics. 7 Slide National Econo my 44% 43% 71% 42% Methodology The ABCNEWS/ Money magazine Consumer Comfort Index is based on 1,009 telephone interviews in the month ending Sept. 23 and has an error margin of plus or minus 3 percentage points. Confidence Holds Steady By Gary Langer N E W Y O R K, Sept. 26 Consumer confidence held 9/9/01 15-year avg. 9/24/01 1/7/01 Whos the population? Whats the sample size? What are the confidence interval values for 9/24? 8 Slide Point Estimation In point estimation we use the data from the sample to compute a SINGLE VALUE of a sample statistic that serves as an ESTIMATE of a population parameter. ESTIMATOR Formula Gives numerical value of parameter. Example: formula for mean We refer to as the point estimator of the population mean . s is the point estimator of the population standard deviation . O bj1 0 4 O bj1 0 5 n x x i = 9 Slide Point Estimation REVIEW ESTIMATE numerical value calculated from data in the sample approximation of population parameter value ESTIMATOR Formula Gives estimate 10 Slide National Econo my 44% 43% 71%...
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This note was uploaded on 09/09/2011 for the course ECON 6416 taught by Professor Richardhofler during the Fall '11 term at University of Central Florida.

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1Topic #3-Statistical Inference-sport - 1 Slide Topic #3...

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