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MGMT305-Lec5

# Thevalueoftheparameterwhichis unknown slide 3

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Unformatted text preview: l estimate is to provide information about how close the point estimate is to information about how close the point estimate is to the value of the parameter (which is unknown). the value of the parameter (which is unknown). Slide 3 Margin of Error and the Interval Estimate The general form of an interval estimate of a The general form of an interval estimate of a population mean is population mean is x ± Margin of Error From last chapter, we know how to compute: From last chapter, we know how to compute: From From P(−k ≤ X − µ ≤ k ) Slide 4 σ Known Case : Interval Estimate of a μ There is a 1 − α probability that the value of a zα / 2 σ x sample mean will provide a margin of error of or less. Sampling distribution of x α/2 1 ­ α of all x values zα / 2 σ x µ α/2 x zα / 2 σ x Slide 5 σ Known Case : Interval Estimate of a μ Sampling distribution of x α/2 interval does not include µ 1 ­ α of all x values zα / 2 σ x µ x zα / 2 σ x x -------------------------] [------------------------- x -------------------------] [------------------------[------------------------- x -------------------------] α/2 interval includes µ Slide 6 σ s Known : Interval Estimate of a μ Known : Interval Estimate of a Invoke Central Li mit Theorem Large­Sample (n ≥ 30) x ± zα /...
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