CAS MA 113 Study Guide - Final Guide: Confidence Interval, Statistical Parameter, Statistic
14 Dec 2017
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Document Summary
The process of drawing conclusions about a population parameter based on data, or a statistic- a numerical summary computed from observations of a sample of samples. A range of values for the population parameter with a level of confidence represented by a given percentage. (ex: the mean waiting time is estimated to be between 32. 65 - 42. 10 minutes. ) Level of confidence is the probability that the confidence interval actually contains the population parameter. Considered the best (available) single-number estimate of the parameter. (ex: the mean waiting time is estimated to be 37. 85 minutes. ) P-hat, or sample proportion is the best type of point estimate. Some terminology: population proportion sample size number of individuals in a sample size with specified characteristic sample proportion. Mean of the sampling distribution of p-hat. The shape of the distribution of all possible p-hat"s is approximately normal if: of the population size. The mean of the distribution of the sample proportions p-hat is.
