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Lecture Statistical techniques in business and economics - Chapter 9: Estimation and confidence intervals

In this chapter you will learn: Define a point estimator, a point estimate, and desirable properties of a point estimator such as unbiasedness, efficiency, and consistency; define an interval estimator and an interval estimate; define a confidence interval, confidence level, margin of error, and a confidence interval estimate;. | Chapter 9 Estimation and Confidence Intervals Chapter Goals Define a point estimator, a point estimate, and desirable properties of a point estimator such as unbiasedness, efficiency, and consistency. Define an interval estimator and an interval estimate Define a confidence interval, confidence level, margin of error, and a confidence interval estimate Construct a confidence interval for the population mean when the population standard deviation is known When you have completed this chapter, you will be able to: and. 1 2 3 4 Chapter Goals Construct a confidence interval for the population mean when the population is normally distributed and the population standard deviation is unknown Construct a confidence interval for a population proportion Determine the sample size for attribute and variable sampling 7 6 5 8 Construct a confidence interval for the population variance when the population is normally distributed Terminology Point Estimate is a single value (statistic) used to . | Chapter 9 Estimation and Confidence Intervals Chapter Goals Define a point estimator, a point estimate, and desirable properties of a point estimator such as unbiasedness, efficiency, and consistency. Define an interval estimator and an interval estimate Define a confidence interval, confidence level, margin of error, and a confidence interval estimate Construct a confidence interval for the population mean when the population standard deviation is known When you have completed this chapter, you will be able to: and. 1 2 3 4 Chapter Goals Construct a confidence interval for the population mean when the population is normally distributed and the population standard deviation is unknown Construct a confidence interval for a population proportion Determine the sample size for attribute and variable sampling 7 6 5 8 Construct a confidence interval for the population variance when the population is normally distributed Terminology Point Estimate is a single value (statistic) used to estimate a population value (parameter) Confidence Interval is a range of values within which the population parameter is expected to occur Interval Estimate states the range within which a population parameter probably lies Desirable properties of a point estimator unbiased possible values are concentrated close to the value of the parameter unbiased when the expected value equals the value of the population parameter being estimated. Otherwise, it is biased! values are distributed evenly on both sides of the value of the parameter efficient consistent Standard error of the sample mean is the standard deviation of the sampling distribution of the sample means It is computed by where is the symbol for the standard error of the sample mean is the standard deviation of the population n is the size of the sample Terminology s x s n = s s x Standard Error of the Means If is not known and n > 30, the standard deviation of the sample(s) is used to approximate the population .