BNAD 276 Lecture Notes - Lecture 8: Interval Estimation, Confidence Interval, Point Estimation

• School: University of Arizona
• Department: Business Administration
• Course: BNAD 276
• Professor: brentmarinan

Document Summary

Confidence interval for the population mean when is known- A function of the random sample used to make inferences about the value of an unknown population parameter. Xbar is a point estimator for mu and pbar is a point estimator for p. The value of the point estimator derived from a given value. Xbar = 96. 5 is a point estimate of the mean mpg for all ultra-green cars. Provides a range of values that, with a certain level of confidence, contains the population parameter of interest. Also referred to as an interval estimate. We want to know how much confidence we can have in our. Margin of error is half the width of the ci. Accounts for the variability of the estimator and desired confidence level of the interval. Mu +/- (2 /root n)<<<< 95% ci for sample. Confidence interval for the population mean when is known: Consider a standard normal random variable z.